02 Jun '12, 2am

An Open Letter to the Minister for Finance

With reference to Part c, I am not questioning whether at this stage there is any risk that MAS will not be repaid since the risk of the IMF becoming insolvent must be fairly small. However this is mainly because the members of the IMF would be expected to step in to support the IMF should the borrowers default or require more financing if they are to avoid default. Even if the loan commitment is given by the MAS rather than the government the government ultimately stands behind the MAS as guarantor. In your answer you admit that the enhanced resources are to deal with the Eurozone crisis even though it is not specifically earmarked for the Euro area. Thus it is likely that if the financial position of the Eurozone continues to deteriorate and additional resources are required, the IMF will look to Singapore for a share of any future increase in its lending capacity.

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