Singapore’s central bank said today it will raise its contribution to the lending capacity of the International Monetary Fund by US$1.5–2 billion ($2.15–2.86 billion).

“Singapore’s decision demonstrates our long-standing commitment to a well resourced and effective IMF,” Monetary Authority of Singapore Managing Director Heng Swee Keat said in a statement.

The contribution will be in a the form a contingency loan to the IMF under its New Arrangements to Borrow, a set of credit arrangements between the IMF and 26 members and institutions to provide resources to cope with a situation that would threaten financial stability.

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