The Monetary Authority of Singapore (MAS) announced 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.

Subject to Parliament’s approval, Singapore will provide grants totalling Special Drawing Rights (SDR) 25.48 million (equivalent to about US$34.7 million) to the:

• IMF’s Poverty Reduction and Growth Trust; and
• IMF’s Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries.

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. Singapore benefitted from the allocation and received SDR 3.73 billion, even though Singapore did not need this allocation. The IMF has requested its members with strong external positions and ample reserves to channel some of their allocated SDRs to support vulnerable countries.

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)

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)

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.

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 to the IMF’s RST. The RST is part of a multilateral effort that provides long-term affordable loans to help vulnerable countries address longer-term structural challenges such as climate change and pandemic preparedness. Singapore’s contribution is commensurate with Singapore’s IMF quota share.