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8 September 2009

Singapore to lend $2bn to IMF

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Singapore will contribute US$2 billion to the International Monetary Fund (IMF) to help the world body boost its lending capacity, Malaysian news agency Bernama reported, citing the Monetary Authority of Singapore (MAS).

In a statement, MAS, the republic's central bank said the contribution would take the form of a contingent loan to the IMF under its New Arrangements to Borrow (NAB).

It said the loan represented an increase of $1.5 billion from its existing contribution under the NAB.

MAS managing director Heng Swee Keat said Singapore's decision demonstrated its long-standing commitment to a well-resourced and effective IMF.

"The IMF plays a key role in helping countries respond to unanticipated stresses in their external payments, and in maintaining global financial stability," he added. Singapore has been a contributor to the NAB since its inception in 1998.


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