International and Regional Initiatives
Singapore supported international efforts to strengthen the International Monetary Fund’s (IMF) resources and enhance its capacity to safeguard global financial stability and assist low-income countries
5 April 2021
Parliament approved for MAS to provide grants of US$20.57 million to the IMF in April 2021. This is part of international efforts to enhance the capacity of the IMF to assist vulnerable low-income countries in dealing with the economic fallout from the COVID-19 pandemic.
- Minister for Transport and Board Member of MAS Ong Ye Kung’s First Motion speech “Singapore’s Grants to the International Monetary Fund’s Catastrophe Containment and Relief Trust”, delivered on 5 April 2021
- Minister for Transport and Board Member of MAS Ong Ye Kung’s Second Motion speech “Singapore’s Grant to the International Monetary Fund’s COVID-19 Crisis Capacity Development Initiative”, delivered on 5 April 2021
- Minister for Transport and Board Member of MAS Ong Ye Kung’s Third Motion speech “Singapore’s Grants to the International Monetary Fund’s Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries”, delivered on 5 April 2021
The ASEAN+3 Finance and Central Bank Governors Meeting amended the Chiang Mai Initiative Multilateralisation (CMIM) Agreement
3 May 2021
The amended CMIM Agreement, a regional financing arrangement, came into effect on 31 March 2021. The amendments serve to strengthen the financial safety net and the operational readiness of the CMIM and included an increase of the IMF De-Linked Portion from 30% to 40% as well as the use of local currencies within the CMIM pool of US$240 billion.
Renewal of Bilateral Swap Agreement between Japan and Singapore
21 May 2021
MAS and Bank of Japan renewed the existing Japan-Singapore Bilateral Swap Arrangement for another three years in May. The renewal incorporates amendments to align with the CMIM Agreement, while the size of the arrangement remains unchanged. Under the arrangement, Singapore can swap Singapore dollars for up to US$3 billion or its equivalent in Japanese yen, while Japan can swap Japanese yen for up to US$1 billion from Singapore.
MAS further extended the bilateral financial arrangement with Bank Indonesia
5 November 2021
MAS and Bank Indonesia extended the US$10 billion bilateral financial arrangement for another year, to support monetary and financial stability in both countries amid the on-going recovery from the COVID-19 pandemic.