Grant to IMF's Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries
Ministry of Trade and IndustrySpeakers
Summary
This motion concerns the authorization for the Monetary Authority of Singapore to provide a grant to the International Monetary Fund to support Sudan’s debt relief initiatives. Moved by Minister of State Alvin Tan on behalf of the Deputy Prime Minister, the grant is facilitated via the Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries. The resolution specifies a maximum grant amount of 4,480,000 Special Drawing Rights, approximately US$6,100,000, in accordance with the Bretton Woods Agreements Act 1966. Following the motion, Parliament resolved to approve the specified funding and the associated bilateral agreement between the Monetary Authority of Singapore and the International Monetary Fund. This decision enables the government to fulfill its commitment to the International Monetary Fund’s debt relief efforts for heavily indebted poor countries.
Transcript
Mr Speaker: Deputy Prime Minister and Minister for Trade and Industry.
6.16 pm
The Minister of State for Trade and Industry (Mr Alvin Tan): Mr Speaker Sir, on behalf of the Deputy Prime Minister and Minister-in-charge of the Monetary Authority of Singapore (MAS), I move, "That this Parliament, in accordance with section 6A(2)(d) of the Bretton Woods Agreements Act 1966, resolves that the maximum amount of grants that the Monetary Authority of Singapore may give under the bilateral agreement (or its subsequent variations) to be made by the Monetary Authority of Singapore (on behalf of the Government of the Republic of Singapore) with the International Monetary Fund to support Sudan's debt relief efforts via the Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries, is 4,480,000 Special Drawing Rights (approximately US$6,100,000)".
Mr Speaker, I beg to move.
Mr Speaker: As a formality, are there any other Members wish to speak again? No?
Question put, and agreed to.
Resolved, "That this Parliament, in accordance with section 6A(2)(d) of the Bretton Woods Agreements Act 1966, resolves that the maximum amount of grants that the Monetary Authority of Singapore may give under the bilateral agreement (or its subsequent variations) to be made by the Monetary Authority of Singapore (on behalf of the Government of the Republic of Singapore) with the International Monetary Fund to support Sudan's debt relief efforts via the Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries, is 4,480,000 Special Drawing Rights (approximately US$6,100,000)." – [Mr Alvin Tan]