SINGAPORE, March 31 – 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.
According to the Monetary Authority of Singapore (MAS), Singapore is to provide grants totalling US$20.57 million to the IMF’s Catastrophe Containment and Relief Trust; COVID-19 Crisis Capacity Development Initiative; and Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries.
The central bank said the grants will enable the IMF to support the surge in requests for financial assistance from these countries.
It is subject to Parliament’s approval on April 5, it said in a statement here.
MAS said the republic 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,” it said.
Source: BERNAMA