He said the ADB should also require borrowers to demonstrate "good governance, transparency, participation and accountability, " particularly when drawing on concessional financing known as the Asian Development Fund.

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However, protectionist restrictions are not the only obstacle to the development of pan-Asian fund-management houses.

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"A default on obligations to the banks or the Fund or the Asian Development Bank would complicate the situation enormously, " said Fischer.

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Particularly noteworthy in this regard have been decisions to grant the Chinese unconditional entry into the International Monetary Fund, the World Bank, and the Asian Development Bank.

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