Singapore Increases Contribution to Bolster IMF's Lending Capacity
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) . 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.