MAS can make grants to IMF with House's approval

Singapore

PARLIAMENT passed amendments to the Bretton Woods Agreements Act on Monday to allow the Monetary Authority of Singapore (MAS) to participate in the International Monetary Fund's (IMF) Poverty Reduction and Growth Trust (PRGT).

Singapore's central bank can do so through a US$20 million grant paid from Singapore's share of the IMF's gold sales profit. The grant is subject to parliament's approval, and all future grants to the IMF will first need to get the go-ahead from the House.