The Treasurer, the Hon Peter Costello, MP, has today announced the nomination of the

Hon Stephen Baker for the position of Alternate Director at the Asian Development Bank (ADB) in Manila.

Mr Baker will be representing a constituency of countries, including Australia, Cambodia, Hong Kong-China, Kiribati, the Federated States of Micronesia, Nauru, the Solomon Islands and Tuvalu within the Bank and is expected to take up the position in February 1998 for a three year period.

Australia has been a member of the ADB since it was established in 1966 to assist the countries of the Asia Pacific in the process of economic and social development. Australia remains one of the most significant shareholders in the bank and attaches considerable importance to its work within the region.

Mr Baker will assist the Executive Director for the constituency, a position which is also held by an Australian. His main duties will be to examine ADB loan and budgetary proposals as well as a wide range of policy issues considered by the Executive Board.

Mr Baker has extensive policy experience with large financial . institutions having served the State of South Australia as Deputy Premier and Treasurer as well as having held various other Ministerial positions in a long career in the South Australian Parliament. Mr Baker’s economic qualifications and his extensive political experience will be very valuable assets in this position.

CANBERRA ACT

20 February 1998

Media Contact:

Niki Savva Treasurer’s office (02) 6277 7340