- Joined
- Dec 30, 2010
- Messages
- 12,730
- Points
- 113
IMF must have good reasons for the vote of confidence. It was in September 2009 when Singapore first announced it will "significantly expand" its contribution to the resources of the International Monetary Fund (IMF) to the tune of 2 billion U.S. dollars under its New Arrangements to Borrow (NAB). This represented an increase of US$1.5 billion from the then existing contribution under the NAB. Singapore had been a contributor to the NAB since its inception in 1998.
Questions were raised in Parliament in July 2012 about the US$4 billion generosity pledged to the IMF. The Prime Minister's explanation was not convincing: “In the event that Singapore’s commitment is tapped upon, the money will not come from the Government Budget." As long as the Monetary Authority of Singapore (MAS) has unfettered access to the cookie jar via all sorts of inventive accounting entries, there is nothing to stop the Singapore government from making bad investment decisions and squandering our hard earned reserves. Once again, is the glass half empty or half full?
- http://singaporedesk.blogspot.sg/2013/10/half-empty-or-half-full.html
Questions were raised in Parliament in July 2012 about the US$4 billion generosity pledged to the IMF. The Prime Minister's explanation was not convincing: “In the event that Singapore’s commitment is tapped upon, the money will not come from the Government Budget." As long as the Monetary Authority of Singapore (MAS) has unfettered access to the cookie jar via all sorts of inventive accounting entries, there is nothing to stop the Singapore government from making bad investment decisions and squandering our hard earned reserves. Once again, is the glass half empty or half full?
- http://singaporedesk.blogspot.sg/2013/10/half-empty-or-half-full.html
