This is a lot of $$$ by any country's standards.
Singapore will beef up the International Monetary Fund (IMF)'s emergency loan fund, as part of measures to help the global lender tackle any fresh financial crisis.
The Monetary Authority of Singapore (MAS) said on Friday night that it is pledging US$4 billion (S$5 billion) to the IMF, as the global lender seeks extra firepower to deal with the European debt crisis.
The MAS said it is making the pledge as 'part of the broader international effort to provide the Fund with sufficient resources to tackle crisis and promote global economic and financial stability'.
Even if the funds get drawn down, the money will remain part of Singapore's official foreign reserves.
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_791132.html
Singapore will beef up the International Monetary Fund (IMF)'s emergency loan fund, as part of measures to help the global lender tackle any fresh financial crisis.
The Monetary Authority of Singapore (MAS) said on Friday night that it is pledging US$4 billion (S$5 billion) to the IMF, as the global lender seeks extra firepower to deal with the European debt crisis.
The MAS said it is making the pledge as 'part of the broader international effort to provide the Fund with sufficient resources to tackle crisis and promote global economic and financial stability'.
Even if the funds get drawn down, the money will remain part of Singapore's official foreign reserves.
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_791132.html
