Singapore to renew loan commitments to IMF
Source: Xinhua | 2020-12-31
The Monetary Authority of Singapore (MAS) announced on Wednesday that Singapore will renew its loan commitments to support multilateral efforts to strengthen the capacity of the International Monetary Fund (IMF).
MAS said that the renewals will help boost the IMF's resources to enable it to effectively play its role in safeguarding global economic and financial stability in response to the COVID-19 pandemic.
According to a press release from MAS, the loan commitments will be made under the New Arrangements to Borrow with a 1.86-billion-U.S.-dollar loan for the period 2021-2025 and the Bilateral Borrowing Agreement with a 1.72-billion-U.S.-dollar loan for the period 2021-2024.
MAS said that the loan commitments take the form of contingent loans to the IMF and are not made directly to countries borrowing from the IMF.
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