Monetary Authority of Singapore Annual Report 2012/2013
  • COMMITTED TOWARDS INTERNATIONAL EFFORTS ON FINANCIAL STABILITY AND FINANCIAL REGULATORY REFORM
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COMMITTED TOWARDS INTERNATIONAL EFFORTS ON FINANCIAL STABILITY AND FINANCIAL REGULATORY REFORM

Strengthening the International Monetary Fund’s Resources

The International Monetary and Financial Committee (IMFC), chaired by Deputy Prime Minister and MAS Chairman Tharman Shanmugaratnam, together with the G20, undertook efforts to enhance the International Monetary Fund’s (IMF) resources for global crisis prevention and resolution in April 2012. These efforts by the international community strengthened the IMF resources by US$461 billion3, with the first batch of bilateral borrowing agreements signed by the October 2012 meeting of the IMFC. Singapore played a key role in this international effort by working closely with the IMF and its members, as well as the G20 to galvanise contributions at the G20 Los Cabos Leaders’ Summit in June 2012.

In October 2012, the IMFC expressed support for the strengthening of the IMF’s surveillance framework through the adoption of a new Integrated Surveillance Decision, a Financial Surveillance Strategy and the launch of a pilot External Sector Report. The IMFC provided guidance to the Executive Board of the IMF in its comprehensive review of the quota formula, which was completed in January 2013. This review built on inputs from the IMFC Deputies, which is chaired by Singapore.

At the April 2013 Meeting of the IMFC, the IMFC, among others, advanced discussions on nurturing a sustainable recovery in the world economy and on dealing with financial stability risks arising from large and volatile capital flows.

3   As of May 2013