S'pore to contribute US$2b in contingent loan to IMF
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By Mustafa Shafawi, 938LIVE | Posted: 07 September 2009 2145 hrs
Photos 1 of 1 SINGAPORE: The Monetary Authority of Singapore (MAS) said the country will significantly expand its contribution to the resources of the International Monetary Fund (IMF).
In a statement, MAS said Singapore will contribute US$2 billion in a contingent loan to the IMF under its New Arrangements to Borrow (NAB).
This represents an increase of US$1.5 billion from Singapore's existing contribution under the NAB.
The NAB is a credit line to the IMF, set up by 26 members and institutions following the Mexican financial crisis in 1994, that allows the IMF to borrow additional sums if needed.
The arrangements have been renewed twice, most recently in November 2007, for a period of five years from November 2008.
The NAB has been activated once to finance a Stand-by Arrangement for Brazil in December 1998, when the IMF called on funding of about US$13 billion, of which US$4.1 billion was used.
MAS managing director Heng Swee Keat said Singapore's decision demonstrates its long-standing commitment to a well-resourced and effective IMF.
He added: "The IMF plays a key role in helping countries respond to unanticipated stresses in their external payments and in maintaining global financial stability."
Singapore has been a contributor to the NAB since its inception in 1998. - CNA/vm -
ah, the notorious blood sucking IMF and their destructive economic programs on third world countries.
Must squeeze the assets of developing countries until dry. Destroy all, loot all, wipe out all!
I Must Finish off your economy once and for all!