Singapore to Join International Efforts to Support IMF’s Initiatives for Vulnerable Low-Income Countries Impacted by COVID-19
Singapore, 31 March 2021… The Monetary Authority of Singapore (MAS) announced today that Singapore intends to join international efforts to enhance the capacity of the International Monetary Fund (IMF) to assist vulnerable low-income countries in dealing with the economic fallout from the COVID-19 pandemic. This will enable the IMF to support the surge in requests for financial assistance, from these countries.
2. Subject to Parliament’s approval
- IMF’s Catastrophe Containment and Relief Trust;
- IMF’s COVID-19 Crisis Capacity Development Initiative; and
- IMF’s Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries.
3. Singapore has a strong interest in supporting the global economic recovery from the ongoing COVID-19 pandemic. Alongside other member countries’ contributions, Singapore’s grant contributions in response to the IMF’s request also demonstrates our support for collective global action to help the most vulnerable countries.
Catastrophe Containment and Relief Trust (CCRT)
4. Established in 2015, the CCRT provides debt relief to the IMF’s poorest and most vulnerable members in the event of a global health pandemic or natural catastrophe. The CCRT is in need of a US$1.4 billion replenishment to help strengthen healthcare systems in low-income countries. Singapore’s grant to the CCRT at US$17.6 million is commensurate with Singapore’s IMF quota
COVID-19 Crisis Capacity Development Initiative (CCCDI)
5. The CCCDI targets the urgent capacity development needs of countries affected by the COVID-19 pandemic, and is expected to raise US$100 million. At US$2 million, Singapore’s grant to the CCCDI is commensurately sized, relative to the contributions from larger countries, and will be drawn from MAS’ OFR.
Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries (PRG-HIPC Trust)
6. Singapore will also provide a US$0.97 million
Opening Remarks by Mr Ravi Menon, Managing Director of MAS, at the 25th Anniversary Celebration of IMF-Singapore Regional Training Institute
The partnership will focus on finding ways to better mobilise financing to make digital services more affordable and accessible for underserved individuals and communities, and MSMEs, with the support of financial institutions and FinTech companies.
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.