Singapore supports international efforts to strengthen IMF resources amidst the COVID-19 pandemic
Singapore, 30 December 2020… The Monetary Authority of Singapore (MAS) announced today that Singapore will renew its loan commitments to support multilateral efforts to strengthen the capacity of the International Monetary Fund (IMF). These loan renewals will help boost the IMF’s resources to enable it to effectively play its role in safeguarding global economic and financial stability in response to the COVID-19 pandemic.
2. The loan commitments to the IMF will be made under the following agreements:
(i) New Arrangements to Borrow (NAB)
(ii) Bilateral Borrowing Agreement (BA)
Singapore has been a contributor to the NAB since its inception in 1998, and a contributor to the BA since 2012.
3. Singapore’s loan commitments take the form of contingent loans to the IMF and are not made directly to countries borrowing from the IMF. The IMF will only draw upon the loan commitments if its other existing resources are significantly reduced. The loans will remain part of Singapore’s Official Foreign Reserves in the event that Singapore’s commitment is drawn upon.
Mr Ravi Menon, Managing Director, MAS, spoke on MAS' efforts to build three foundational digital infrastructures, as well as MAS’ collaboration with UNDP to maximise opportunities for MSMEs.
Joint Statement of the 10th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM)
State Bank of Vietnam, the central bank of Viet Nam, has officially joined the Regional Payment Connectivity (RPC) initiative. This recent development is an expansion of the Memorandum of Understanding on Cooperation in Regional Payment Connectivity (MOU RPC) that was initiated by the central banks of Indonesia, Malaysia, Philippines, Singapore, and Thailand at the sidelines of the G20 Leaders’ Summit.