Monetary Authority of Singapore to seek Parliament approval for SDR 25.48 million IMF grants and channel SDR 746 million to the Resilience and Sustainability Trust

The Monetary Authority of Singapore (MAS) announced that Singapore intends to join international efforts to strengthen the International Monetary Fund’s (IMF) capacity to help vulnerable member countries manage economic shocks, and will seek Parliament’s approval at the 3 February 2026 sitting. Subject to approval, Singapore will provide grants totalling Special Drawing Rights (SDR) 25.48 million (about USD 34.7 million) to two IMF trusts. The package comprises a SDR 21 million (about USD 28.6 million) grant to the IMF’s Poverty Reduction and Growth Trust, funded from MAS’ Official Foreign Reserves, and a SDR 4.48 million (about USD 6.1 million) grant to the IMF’s Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries to support debt relief to Sudan. The latter will be funded entirely from Singapore’s share of existing resources in IMF accounts and will not affect the size of Singapore’s Official Foreign Reserves; MAS cited the Bretton Woods Agreements Act 1966 as the basis for making IMF grants with Parliament’s approval. Separately, Singapore will channel SDR 746 million (about USD 1,014.6 million) from the 2021 IMF general SDR allocation as a contingent loan commitment to the IMF’s Resilience and Sustainability Trust, which provides longer-term affordable lending to help vulnerable countries address structural challenges such as climate change and pandemic preparedness. MAS noted that Parliament’s approval is not required for loans to the IMF, and that the IMF would draw on the loan commitment only if its other lending resources are significantly reduced.