6A. Assistance in support of Fund arrangements or Fund programs
Feedback & supportLast amended by an amending law of 2023. 2 amendments in all.
Subject to subsections (2), (3) and (4), the Monetary Authority of Singapore may, on behalf of the Government, enter into an agreement (whether multilateral or bilateral) to lend, or give grants or other financial assistance, to support a Fund arrangement or Fund program.
An agreement under subsection (1) to lend, or give grants or other financial assistance, may be entered into (or varied subsequently) only if —
the Fund requests Singapore to provide assistance in support of a Fund arrangement or Fund program for the benefit of one or more countries;
the Monetary Authority of Singapore is satisfied that at least one other government has provided, or intends to provide, financial assistance in response to a similar request from the Fund;
the Minister has published in the Gazette a statement containing —
a description of the nature of the agreement (or its subsequent variation); and
the maximum amount that the Monetary Authority of Singapore agrees to lend, or to give by way of grants or other financial assistance, to the Fund under the agreement (or its subsequent variation); and
in the case of grants, Parliament has, by a resolution, fixed the maximum amount of grants to be given by the Monetary Authority of Singapore under that agreement (or its subsequent variations).
It is not lawful for the Monetary Authority of Singapore to give any amount of grant under any agreement under subsection (1) (or its subsequent variations) that is in excess of the maximum amount fixed by Parliament by resolution under subsection (2)(d) for that agreement.
Subsections (2) and (3) do not apply to an agreement to finance the operations and the carrying out of the functions of an office of the Fund in Singapore.
Fund
“Fund” means the International Monetary Fund established under the Fund Agreement;
An agreement under subsection (1) to lend or give other financial assistance (even if subsequently varied) must provide for the Monetary Authority of Singapore to require early repayment or early recovery of moneys lent or given, as the case may be, in the event of the suspension, or premature termination, of the Fund arrangement or Fund program.
Fund arrangement
“Fund arrangement” means —(a)the credit arrangements provided pursuant to Decision No. 11428‑(97/6), dated 27 January 1997, of the Executive Board of the Fund, as subsequently amended and renewed by the decisions of the Executive Board of the Fund; or(b)any arrangement established by the Fund under section 1 of Article VII of the Fund Agreement;
Subsection (4) does not apply if —
the agreement is in a standard form provided by the Fund, which cannot be unilaterally amended by the Monetary Authority of Singapore; or
the Fund arrangement or Fund program cannot be suspended or prematurely terminated.