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

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.

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

05 Apr 2021 06:13pm
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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