Singapore today signed a Memorandum of Understanding (MOU) with the International Monetary Fund and the World Bank Group in Dubai. Singapore will host the 2006 Boards of Governors Annual Meetings of the International Monetary Fund and the World Bank Group.
2 Hosting this meeting demonstrates Singapore's commitment to the work of the International Monetary Fund and World Bank Group. Singapore actively supports the programmes of these institutions through its collaboration on technical co-operation projects as well as financial contributions.
3 That Singapore is chosen as the host of the 2006 Annual Meetings is recognition of the progress made in the development of its financial sector, its pro-business environment and excellent infrastructure. Singapore is now a major international financial centre, serving not only its domestic economy, but also the wider Asia-Pacific region and in some instances, the world.
4 "We look forward to hosting the 2006 Annual Meetings. The global financial landscape has changed significantly over the past five years. In tandem, Asian countries have made much progress in terms of developing and strengthening their financial infrastructure and markets. As a strategically-located international financial centre, Singapore is prepared to facilitate an open exchange of ideas and perspectives on the issues that may arise in 2006," said Mr Lim Hng Kiang, Singapore's Second Minister for Finance and Minister in the Prime Minister's Office.
5 The MOU was signed by Mr Lim Hng Kiang, Singapore's Second Minister for Finance and Minister in the Prime Minister's Office, Mr Horst Kohler, Managing Director, International Monetary Fund and Mr James Wolfensohn, President, World Bank Group at Ras Al Khaima Room, Dubai International Convention Center.