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ENHANCING STRATEGIC PARTNERSHIPS IN AN ENVOLVING FINANCIAL LANDSCAPE

Contributing to International and Regional Crisis Lending and Surveillance

Singapore is committed to contributing towards global financial stability. In April 2009, the G20 pledged to boost the IMF’s lending resources and New Arrangements to Borrow (NAB) by US$500 billion in order to enhance economic growth in emerging markets and developing countries. In response, Singapore correspondingly increased its NAB contribution fourfold to US$2 billion, reiterating its longstanding support for IMF initiatives.

Within Asia, Singapore worked with our ASEAN+3 colleagues to operationalise the Chiang Mai Initiative Multilateralisation (CMIM) arrangements. The CMIM is a US$120 billion multilateral swap facility that aims to enhance regional capacity to safeguard against potential short-term liquidity and balance of payment difficulties faced by ASEAN+3 economies, through a regional pooling mechanism. The CMIM came into force in March 2010. In addition, Singapore was chosen to host the ASEAN+3 Macroeconomic Surveillance Office (AMRO) that would carry out regional surveillance activities to support CMIM decision-making processes. Singapore is committed to working closely with our ASEAN+3 counterparts to ensure the timely establishment of AMRO by early 2011.

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