When combined with funding the general cash deficits, these multitrillion-dollar Treasury operations will dominate the capital markets in the years ahead, particularly given China's de-emphasis of new investment in U.S. Treasurys in favor of increasing foreign direct investment, and Japan's and Europe's own sovereign-debt challenges.

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China and Indonesia are the two biggest borrowers. (At the May meeting, China expressed concern about the new thrust's heavier funding requirements and the de-emphasis on aid to speed up economic growth.) ADF money is used exclusively by the poorest member-countries, including Bangladesh, Kyrgyzstan, Laos, Nepal, Pakistan, Sri Lanka and Vietnam.

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De Alwis stressed, however, that Singapore was moving toward customizing its attractions to the individual tourist, with less emphasis on mass appeal.

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