The HKMA pointed out that Singapore has joined since the establishment of the new loan arrangement in 1998. According to a statement issued by the HKMA on Monday (June 30), the arrangement will be extended until December 31, 2030, with a maximum lim...
The HKMA pointed out that Singapore has joined since the establishment of the new loan arrangement in 1998.
According to a statement issued by the HKMA on Monday (June 30), the arrangement will be extended until December 31, 2030, with a maximum limit of 1.297.1 million Special Drawing Rights, or US$1.762.8 million (approximately SGD 2.247.21 million).
The loan commitments made by Singapore to the IMF are contingent loans, not directly provided to countries that borrow money from the IMF. The IMF will use these loans only if other loan resources are significantly reduced. Therefore, this has no impact on our government budget, and the official foreign exchange reserves managed by the HKMA will not decrease. If the IMF withdraws these borrowings, they remain part of Singapore’s official foreign exchange reserves.
SPL is an interest-attached international reserve asset founded by the International Monetary Fund in 1969 to fill other reserve assets of member states. Currently, the SDR is based on a basket of international currencies, including the US dollar, the yen, the euro, the pound and the renminbi.
The Monetary Authority of Singapore reiterates its commitment to the International Monetary Fund (IMF) New Arrangements to Borrow (NAB) to support multilateral efforts and strengthen the IMF's ability to maintain global economic and financial stability.
