Singapore Loans US$2 Billion To IMF
SINGAPORE, Sept 7 (Bernama) -- Singapore will contribute US$2 billion to the International Monetary Fund (IMF) to help the world body boost its lending capacity, according to the Monetary Authority of Singapore (MAS) on Monday.
In a statement, MAS, the republic's central bank said the contribution would take the form of a contingent loan to the IMF under its New Arrangements to Borrow (NAB).
It said the loan represented an increase of US$1.5 billion from its existing contribution under the NAB.
MAS managing director Heng Swee Keat said Singapore's decision demonstrated its long-standing commitment to a well-resourced and effective IMF.
"The IMF plays a key role in helping countries respond to unanticipated stresses in their external payments, and in maintaining global financial stability," he added.
Singapore has been a contributor to the NAB since its inception in 1998.
--BERNAMA
SINGAPORE, Sept 7 (Bernama) -- Singapore will contribute US$2 billion to the International Monetary Fund (IMF) to help the world body boost its lending capacity, according to the Monetary Authority of Singapore (MAS) on Monday.
In a statement, MAS, the republic's central bank said the contribution would take the form of a contingent loan to the IMF under its New Arrangements to Borrow (NAB).
It said the loan represented an increase of US$1.5 billion from its existing contribution under the NAB.
MAS managing director Heng Swee Keat said Singapore's decision demonstrated its long-standing commitment to a well-resourced and effective IMF.
"The IMF plays a key role in helping countries respond to unanticipated stresses in their external payments, and in maintaining global financial stability," he added.
Singapore has been a contributor to the NAB since its inception in 1998.
--BERNAMA
