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Singapore maintains loan commitment to the IMF: MAS
[SINGAPORE] Singapore has maintained its current US$4 billion loan commitment to the IMF until end 2020, as part of the US$340 billion committed by 25 IMF member countries to safeguard global economic and financial stability during the period, MAS said in a press release on Saturday.
Singapore made its initial loan commitment in 2012 as part of the international effort to ensure the IMF has adequate resources to meet potential needs. The IMF has assessed that the overall level of risks in the global economy has returned to levels observed in 2012, and that the main incidence of risks has shifted towards emerging markets.
The commitment by the 25 member countries is in the form of contingent loans to the IMF, and will only be drawn upon by the IMF if its other existing resources are significantly reduced. In the event that Singapore's commitment is drawn upon, its loan will remain part of Singapore's Official Foreign Reserves.
This story originally appeared in The Straits Times's Breaking News section.