The Monetary Authority of Singapore announced that Singapore will renew its loan commitment to the International Monetary Fund’s New Arrangements to Borrow (NAB), extending the existing backstop facility up to 31 December 2030 for a maximum of Special Drawing Rights (SDR) 1,297.1 million (USD 1,762.8 million). The NAB allows the IMF to borrow from 40 NAB participants when quota resources are low relative to demand for IMF financial support, acting as a second line of defence after quotas. The commitment is structured as a contingent loan to the IMF rather than lending directly to countries borrowing from the IMF, and the IMF will draw on it only if its other lending resources are significantly reduced. MAS stated that the loans have no implications for the Government’s budget and do not reduce the Official Foreign Reserves managed by MAS, which remain part of Singapore’s reserves in the event the commitment is drawn upon. Singapore has participated in the NAB since its inception in 1998.
Monetary Authority of Singapore 2025-06-30
Monetary Authority of Singapore renews Singapore’s IMF New Arrangements to Borrow loan commitment through 2030
The Monetary Authority of Singapore will renew its loan commitment to the International Monetary Fund's New Arrangements to Borrow, extending the facility until 31 December 2030 for up to Special Drawing Rights 1,297.1 million (USD 1,762.8 million). This contingent loan serves as a backstop for the IMF, activated only if other resources are depleted, and does not impact Singapore's budget or Official Foreign Reserves. Singapore has participated in the NAB since 1998.