PM urges for resource augmentation of ADB

Says IMF resources were expanded enormously in response to crisis in Europe

A couple of days after the Ssian Development Bank or ADB expressed its inability to lend more to India due to resource crunch, prime minister Manmohan Singh today called upon member countries to augment ADB resources as was done in case of IMF.

"We have expanded the resources of the IMF enormously in response to the crisis in Europe. We now need to substantially expand the resource base of multilateral development banks so that they have the firepower to help developing countries reach their growth potential," Singh said at ADB inaugural session of its AGM.

ADB president takehiko nakao said, "It will be critical to continue examining how we can secure the resource base needed to pursue the bank's objectives well."