Singapore maintains US$4 billion loan commitment to IMF

Singapore has maintained its current US$4 billion (US$1=RM4.14) loan commitment to the International Monetary Fund (IMF) until end-2020, according to the Monetary Authority of Singapore (MAS).

In a statement today, MAS said the amount is part of the US$340 billion committed by 25 IMF member countries to safeguard global economic and financial stability during the period.

MAS said Singapore made its initial loan commitment in April 2012 as part of the international effort to ensure the IMF has adequate resources to meet potential needs.

The Authority said the IMF has assessed that the overall level of risks in the global economy has returned to levels observed in 2012, and that the main incidence of risks has shifted towards emerging markets.

The commitment by the 25 member countries is in the form of contingent loans to the IMF, and will only be drawn upon by the IMF if its other existing resources are significantly reduced.

In the event that Singapore's commitment is drawn upon, its loan will remain part of Singapore's Official Foreign Reserves, said MAS. -- Bernama