Today-Mar 31

Singapore will contribute S$20.57 million (S$27.7 million) in grants to support International Monetary Fund (IMF) initiatives aimed at helping vulnerable, low-income countries cope with the economic impact of Covid-19. The grants will be made as part of international efforts to “enhance the capacity” of the IMF to support the surge in requests for financial assistance from such countries, said the Monetary Authority of Singapore (MAS) in a statement on Wednesday (March 31). The move is subject to Parliament’s approval on April 5, MAS added. Singapore hopes to provide grants to three IMF initiatives: The Catastrophe Containment and Relief Trust (CCRT), The Covid-19 Crisis Capacity Development Initiative (CCCDI), and The Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries (PRG-HIPC Trust). The bulk of the contribution–US$17.6 million–will go to the CCRT, which provides the IMF’s poorest members with debt relief in the event of a global health pandemic or natural catastrophe.

Read more at https://www.todayonline.com/singapore/spore-plans-s277m-contribution-imf-initiatives-low-income-countries-hit-covid-19