The Monetary Authority of Singapore (MAS) announced today that Singapore intends to join international efforts to enhance the capacity of the International Monetary Fund (IMF) to help vulnerable member countries deal with economic shocks. MAS will seek Parliament’s approval at the Parliament Sitting on 3 February 2026.
2 Subject to Parliament’s approval, Singapore will provide grants totalling Special Drawing Rights (SDR) 25.48 million (equivalent to about US$34.7 million
- IMF’s Poverty Reduction and Growth Trust; and
- IMF’s Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries.
3 In 2021, the IMF made a general SDR allocation of SDR 650 billion to all member countries to address the long-term global need for reserves, build confidence and foster resilience of the global economy (the 2021 SDR allocation). This allocation was made in proportion to the quota share of its members
4 As a small and highly open economy, Singapore has a strong interest in supporting the IMF’s role to maintain a stable global economic environment and financial stability. Singapore’s contributions to the IMF’s programmes, together with other member countries’ contributions, demonstrate our support for collective global action to help vulnerable countries. Our contributions are in line with Singapore’s quota share at the IMF.
Poverty Reduction and Growth Trust (PRGT)
5 The PRGT provides concessional loans to low-income countries. IMF member countries’ contributions will enable the PRGT to better meet increased financing needs from low-income countries, and support the PRGT’s longer-term self-sustainability. Singapore’s grant to the PRGT at SDR 21 million (equivalent to about US$28.6 million), commensurate with Singapore’s quota share at the IMF, will be drawn from MAS’ Official Foreign Reserves (OFR).
Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries (PRG-HIPC Trust)
6 Singapore will also provide a grant of SDR 4.48 million (equivalent to about US$6.1 million) to the PRG-HIPC Trust, to support the IMF’s provision of debt relief to Sudan. Singapore’s grant to the PRG-HIPC Trust will come entirely from Singapore’s share of existing resources in IMF accounts, and will not impact the size of Singapore’s OFR.
7 Under the Bretton Woods Agreements Act 1966, MAS may, on behalf of Singapore and with Parliament’s approval, make grants to the IMF as part of international efforts to assist low-income countries.
Resilience and Sustainability Trust (RST)
8 In addition to the grants above and alongside 21 other countries who have thus far contributed to the RST, Singapore will channel SDR 746 million (equivalent to about US$1,014.6 million) from the 2021 SDR allocation in the form of a loan
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[1] An exchange rate of 1 SDR = 1.37 USD, as of 20 Jan 2025, is used. The currency of commitment for our contributions to PRGT and PRG-HIPC Trust is in Special Drawing Rights (SDR). The SDR is an interest-bearing international reserve asset created by the IMF in 1969 to supplement other reserve assets of member countries. The SDR is currently based on a basket of international currencies comprising the US dollar, Japanese yen, Euro, Pound sterling and Chinese renminbi.
[2] A member’s quota determines its relative voting power at the IMF, access to IMF financing, share in the allocation of SDRs, and the magnitude of its commitment to finance the IMF’s lending programmes. Singapore’s quota share is 0.82%.
[3] Singapore’s loan commitments to the IMF take the form of contingent loans to the IMF and are not made directly to countries borrowing from the IMF. The IMF will only draw upon the loan commitments if its other lending resources are significantly reduced. The loans will remain part of Singapore’s Official Foreign Reserves in the event that Singapore’s commitment is drawn upon. There is no requirement under the Bretton Woods Agreements Act to seek Parliament’s approval for loans to the IMF.
