Ong Ye Kung on Singapore’s contributions to IMF initiatives for vulnerable countries

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Ong Ye Kung on Singapore’s contributions to IMF initiatives for vulnerable countries

(Updated: )

Monetary Authority of Singapore board member Ong Ye Kung sought approval in Parliament on Monday (Apr 5) for US$20.57 million (S$27.7 million) in grants to support International Monetary Fund efforts to help vulnerable countries hit by COVID-19. US$19.6 million would go to the Catastrophe Containment and Relief Trust and the COVID-19 Crisis Capacity Development Initiative; this would be drawn from Singapore’s official foreign reserves. US$970,000 would go towards an IMF financing package for Somalia’s debt relief. Mr Ong said Singapore must do its part as a stakeholder in the global community.

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