Singapore joins IMF efforts to help low-income countries impacted by pandemic

Singapore is set to provide US$20.57m to help the International Monetary Fund's regional assistance programme.

The Monetary Authority of Singapore (MAS) has announced that Singapore is set to join the International Montetary Fund (IMF)'s programmes to assist vulnerable low-income countries in dealing with the COVID-19 pandemic's effect on their economies.

The total US$20.57m grant is subject to parliamentary approval on April 5, and will then be distributed the following IMF programmes: 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.

"Singapore 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," the MAS said in a statement.

These will be funded through the MAS' Official Foreign Reserves and Singapore's existing resources in IMF accounts.