Singapore loans US$2 Billion to IMF

September 8, 2009
Singapore Democrats

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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.

http://www.bernama.com.my/bernama/v3/news_lite.php?id=438652

 

Singapore increases contribution to IMF
Xinhua News

The Monetary Authority of Singapore (MAS) announced on Monday that Singapore will “significantly expand” its contribution to resources of the International Monetary Fund (IMF).

The MAS said in a statement that Singapore’s contribution will take the form of a contingent loan of 2 billion U.S. dollars to the IMF under its New Arrangements to Borrow (NAB). This represents an increase of 1.5 billion U.S. dollars from the existing contribution under the NAB.

Heng Swee Keat, managing director of MAS noted that Singapore’s decision demonstrates the country’s long-standing commitment to a well-resourced and effective IMF, adding that the IMF plays a key role in helping countries respond to unanticipated stresses in their external payments, and in maintaining global financial stability.

Singapore has been a contributor to the NAB since its inception in 1998.

http://news.xinhuanet.com/english/2009-09/07/content_12011481.htm