Singapore to provide US$20m to countries struggling during pandemic

Authorities are awaiting the green light from parliament next week in order to go ahead with the initiative.

Singapore plans to provide more than US$20 million in grants to the International Monetary Fund to help developing countries in their struggle against Covid-19. Picture: Jason Goh from Pixabay

CAPE TOWN, April 1 (ANA) – To help low-income countries cope with the Covid-19 pandemic, Singapore plans to provide more than US$20 million in grants to the International Monetary Fund (IMF).

According to Channel NewsAsia (CNA), a Singapore-based network, around US$19 million will be drawn from the Monetary Authority of Singapore’s (MAS) official foreign reserves, with the remainder to come from its share of resources in other IMF accounts.

“It is important to ensure that developing countries also have access to vaccines and also financial support so much so that they’ll be able to move out of this pandemic,” economist at DBS Bank Irvin Seah told CNA.

“If we do not render our support to the developing economies around the world, it could potentially become a drag on the developing countries regardless of how advanced they are in terms of vaccinations,” he said.

Authorities are awaiting the green light from parliament next week in order to go ahead with the initiative.

Meanwhile, Singapore’s central bank is looking for a no-change at its upcoming monetary policy meeting, due to the gradual recovery of the economy and the Covid-19 vaccine roll-out.

Economists suggest while a no-change in policy would mean no immediate impact on the prices of goods and services, that could change in the coming months.

“We do expect consumer confidence to pick up as the vaccination progress continues… also as the economic recovery continues, firms will be able to raise employees’ wages given last year’s pay cuts,” Maybank Kim Eng economist Lee Ju Ye told CNA.

– African News Agency (ANA); Editing by Yaron Blecher

ANA NEWS WIRE Disclaimer:
The African News Agency (ANA) is a news wire service and therefore subscribes to the highest standards of journalism as it relates to accuracy, fairness and impartiality.
ANA strives to provide accurate, well sourced and reliable information across Text, Images and Video. Where errors do appear, ANA will seek to correct these timeously and transparently.
The ANA platform also contains news and information from third party sources. ANA has sought to procure reliable content from trusted news sources but cannot be held responsible for the accuracy and opinions provided by such sources on the ANA platform or linked sites.
The content provided for on the ANA News Wire platform, both through the ANA news operation and via its third party sources, are for the sole use of authorised subscribers and partners. Unauthorised access to and usage of ANA content will be subject to legal steps. ANA reserves its rights in this regard.
ANA makes every effort to ensure that the website is up and running smoothly at all times, however ANA does not take responsibility for, and will not be held liable for times when the website is temporarily unavailable due to technical issues that are beyond our control.