Singapore to raise IMF contribution, reduce loan commitments

This increase will not affect Singapore’s Official Foreign Reserves.

Singapore will increase its International Monetary Fund (IMF) quota to 1.95 billion Special Drawing Rights (US$2.63 billion) and reduce its loan commitments to the IMF by 1.41 billion SDR (US$1.91b), the Monetary Authority of Singapore (MAS) reported.

These changes aim to support multilateral efforts to strengthen the IMF’s capacity to safeguard global economic and financial stability.

It follows the IMF’s goal to increase its member countries’ capital subscriptions whilst reducing its reliance on borrowing from its members. This will take effect after members holding at least 85% of the IMF’s quotas have consented to their own allocated increases.

Singapore will also reduce its loan commitment to the New Arrangements to Borrow (NAB) from the current SDR 1.30 billion (US$1.86b) to a maximum of SDR 1.09 billion (US$1.47b).

In addition, Singapore will renew its loan commitment under the Bilateral Borrowing Agreement (BA) entered into with the IMF to 31 December 2027, subject to the current maximum of SDR 1.20 billion (US$1.72b). The IMF’s BAs with member countries will be phased out when the quota increase becomes effective.

Singapore’s increased quota does not have any net impact on its Official Foreign Reserves.

All member countries have been allocated increases in their IMF quotas in proportion to their current quota levels. The overall increase in member countries’ quotas amounts to SDR 238.6 billion (US$322.8b).

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