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Singapore to support IMF's initiatives targeted at low-income countries

Xinhua, November 2, 2016 Adjust font size:

Monetary Authority of Singapore (MAS) on Wednesday announced that the country intends to join in the multilateral effort to enhance the capacity of the International Monetary Fund (IMF) to assist low-income countries.

MAS unveiled that Singapore will participate by making two grants, totaling 20.3 million U.S. dollars, to the IMF's Poverty Reduction and Growth Trust (PRGT) and the Catastrophe Containment and Relief Trust (CCRT).

PRGT supports concessional lending to low-income countries, while CCRT enables the IMF to provide debt relief to low-income countries facing natural disasters and fast spreading epidemics. Developing countries in Asia will be able to benefit from these initiatives.

The authority added Singapore's two grants will be paid for out of funds previously held at the IMF.

The Bretton Woods Agreements Act (BWAA), which was amended by the Parliament to enable MAS to make grants to the IMF, came into effect on Oct. 7. MAS will seek the Parliament's approval for these two grants at its next sitting on Nov. 7. Endit