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.