Singapore maintains $5.5bn loan commitment to IMF

The initial loan commitment was made four years ago.

The Monetary Authority of Singapore (MAS)  announced that Singapore has maintained its current US$4 billion (S$5.5bn) loan commitment to the International Monetary Fund (IMF) until end 2020, as part of the US$340 billion committed by 25 IMF member countries to safeguard global economic and financial stability during the period.

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 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.