Singapores grant to this fund will come from its existing resources from other IMF accounts and will not draw from the Official Foreign Reserves

Author : anandarakaananda928
Publish Date : 2021-03-31 06:07:24


Singapores grant to this fund will come from its existing resources from other IMF accounts and will not draw from the Official Foreign Reserves

Singapore aims to contribute US$20.57 million (S$27.69 million) towards international efforts to help low-income countries deal with the economic fallout from the Covid-19 pandemic.

This will be done through the International Monetary Fund (IMF) - subject to Parliament's approval on April 5 - the Monetary Authority of Singapore (MAS) said on Wednesday (March 31).

Singapore is looking to support three initiatives.
These are the IMF's Catastrophe Containment and Relief Trust, the Covid-19 Crisis Capacity Development Initiative and the Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries.

MAS said: "Singapore has a strong interest in supporting the global economic recovery from the ongoing Covid-19 pandemic. Alongside other member countries' contributions, Singapore's grant contributions in response to the IMF's request also demonstrates our support for collective global action to help the most vulnerable countries."

The Republic's contributions to the Catastrophe Containment and Relief Trust and the Covid-19 Crisis Capacity Development Initiative will stand at US$17.6 million and US$2 million respectively, and will come from MAS' Official Foreign Reserves.
MAS said the amounts that Singapore aims to contribute are commensurate with the Republic's IMF quota share - a metric which determines the maximum amount of financial resources a member is obliged to provide, reflecting the country's relative position in the world economy.

Singapore is also expected to provide a US$970,000 grant to the Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries, supporting the IMF's US$344 million financial relief package for Somalia's debt.

"The IMF has assessed that Somalia's external debt is unsustainable and it requires urgent assistance to clear its prolonged arrears," said MAS.

Singapore's grant to this fund will come from its existing resources from other IMF accounts, and will not draw from the Official Foreign Reserves.
The Ministry of Health (MOH) confirmed 26 new COVID-19 cases in Singapore on Tuesday (30 March), taking the country's total case count to 60,347.

This is the highest daily case count since 6 February, when 24 COVID-19 infections were reported. All cases are imported and there are no local infections reported for the third day in a row.

"All new cases today are asymptomatic, and were detected from our proactive screening and surveillance," said the MOH.

Among the 26 imported cases, seven are Singaporeans and three are permanent residents who returned from Bangladesh, India, Qatar, Spain and the UK.

Three others are student’s pass holders who arrived from Bangladesh and India, while an additional two are work pass holders who arrived from India and Nepal.

Seven cases are work permit holders who arrived from Bangladesh, India, Indonesia and the Philippines, of whom five are foreign domestic workers.

The remaining four are short-term visit pass holders, including two who arrived from India to visit their family members who are Singaporeans or PRs. The other two short-term visit pass holders arrived from the Philippines and Ecuador, respectively, for work projects in Singapore.

All 26 imported cases were placed on the stay-home notice upon their arrival here and were tested while serving their notice.

The MOH noted that the number of new cases in the community has increased from none in the week before to two in the past week. The number of unlinked cases in the community has also increased from none in the week before to two in the past week.
With seven more patients discharged from hospitals or community isolation facilities on Tuesday, 60,138 cases – or 99.7 per cent of the total – have fully recovered from the infection.

Most of the 37 hospitalised cases are stable or improving, while one of them is in the intensive care unit.

A total of 142 patients – with mild symptoms or are clinically well but still test positive – are isolated and cared for at community facilities.

Apart from the 30 patients who have died from COVID-19 complications, 15 others who tested positive for the virus were determined to have died from unrelated causes, including three whose deaths were attributed to a heart attack and another four, whose deaths were attributed to coronary heart disease.

Among the 126 confirmed cases reported from 24 to 30 March, 45 cases have tested positive for their serology tests, 50 have tested negative, and 31 serology test results are pending.

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