Monetary Authority of Singapore Annual Report 2011/2012
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Deepening International Cooperation

At the September 2011 Meeting of the International Monetary and Financial Committee (IMFC) chaired by Deputy Prime Minister and MAS Chairman Tharman Shanmugaratnam, the IMFC committed to support efforts by the Euro area countries to resolve the ongoing Euro area crisis, and called on the International Monetary Fund (IMF) to contribute to the prevention of future crises. In this regard, besides continuing the Consolidated Multilateral Surveillance Report as a tool to focus ministerial discussion on key risks and policy issues, the IMFC tasked the IMF to conduct further work to enhance the global financial safety net and achieve a more integrated and effective surveillance framework. The IMF subsequently finalised enhancements to its lending toolkit in November 2011. These modifications increased the flexibility and scope of the IMF’s lending toolkit so that liquidity and emergency assistance can be provided more effectively to its global membership.

Singapore participated in the G20 Cannes Summit in November 2011, and supported the call to ensure the adequacy of IMF resources to meet the potential financing needs of the entire membership, continue with the reform of the financial system and make further progress towards more even-handed and effective surveillance by the IMF.

At its subsequent April 2012 Meeting, the IMFC, together with the G20, agreed to enhance IMF resources for global crisis prevention and resolution. Singapore committed to the IMF a contingent line of credit of US$4 billion as part of this international collaborative effort. The IMFC also advanced discussion on issues related to the IMF’s governance and surveillance framework.

On the development front, Singapore signed an agreement with the World Bank Group (WBG) in September 2011, co-locating the three units of the Group – World Bank, International Financial Corporation and Multilateral Investment Guarantee Agency – in its expanded Singapore office. Through its scaled-up presence in Singapore, the WBG hopes to tap on the expertise and knowledge here in delivering developmental solutions to its clients in Asia and beyond.