Chee Hong Tat on International Development Association (Amendment) Bill
The International Development Association (IDA) is part of the World Bank Group and provides concessional loans to its least developed member countries. As a member of IDA, Singapore has contributed to IDA's replenishments since 2002. Currently, the Government can pay for subscriptions up to a cumulative cap of US$1 million. It can seek Parliament’s approval to increase the cap, as was done in 2016 and 2019, with the current cap at US$1.3 million (S$1.85 million). Changes were proposed in Parliament to require the Government to seek the approval of the House for every additional subscription to IDA instead of approving the cap for the cumulative amount of contributions. This will ensure that Parliament is the approving authority over any such expenditure. Speaking on Thursday (Oct 20), Senior Minister of State for Finance Chee Hong Tat said the reason for the changes is that IDA revised its voting rights framework, whereby all new contributions to IDA replenishments will equate to subscriptions. He said Singapore will continue to contribute its fair share to IDA as a responsible global stakeholder, while ensuring financial prudence and spending within its means. *Audio issues inherent from source
The International Development Association (IDA) is part of the World Bank Group and provides concessional loans to its least developed member countries. As a member of IDA, Singapore has contributed to IDA's replenishments since 2002. Currently, the Government can pay for subscriptions up to a cumulative cap of US$1 million. It can seek Parliament’s approval to increase the cap, as was done in 2016 and 2019, with the current cap at US$1.3 million (S$1.85 million). Changes were proposed in Parliament to require the Government to seek the approval of the House for every additional subscription to IDA instead of approving the cap for the cumulative amount of contributions. This will ensure that Parliament is the approving authority over any such expenditure. Speaking on Thursday (Oct 20), Senior Minister of State for Finance Chee Hong Tat said the reason for the changes is that IDA revised its voting rights framework, whereby all new contributions to IDA replenishments will equate to subscriptions. He said Singapore will continue to contribute its fair share to IDA as a responsible global stakeholder, while ensuring financial prudence and spending within its means. *Audio issues inherent from source
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