Singapore, 7 September 2009...The Monetary Authority of Singapore (MAS) today announced that Singapore will significantly expand its contribution to resources of the International Monetary Fund (IMF). 

2   Singapore's contribution will take the form of a US$2 billion contingent loan to the IMF under its New Arrangements to Borrow (NAB) ^[1].  This represents an increase of US$1.5 billion from our existing contribution under the NAB.   

3   Mr Heng Swee Keat, Managing Director, MAS noted that "Singapore's decision demonstrates our long-standing commitment to a well-resourced and effective IMF.  The IMF plays a key role in helping countries respond to unanticipated stresses in their external payments, and in maintaining global financial stability."

4   Singapore has been a contributor to the NAB since its inception in 1998. 

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^[1]  The NAB are a set of credit arrangements between the IMF and 26 members and institutions to provide supplementary resources to the IMF to forestall or cope with an impairment of the international monetary system or to deal with an exceptional situation that poses a threat to the stability of that system.