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Singapore International Financial Organizations
In 1966 Singapore became a member of the International
Monetary
Fund
(
IMF--see Glossary), the
World Bank (see Glossary),
and the
Asian Development Bank (see Glossary).
Two years later, Singapore
joined the International Finance Corporation, an affiliate
of the
World Bank. Singapore's loans from the World Bank and the
Asian
Development Bank had been used to finance development
projects
relating to water supply, electric power generation and
distribution, sewerage, telephone services, educational
services,
and environmental control. A total of fourteen loans were
secured
from the World Bank between 1963 and 1975 and fourteen
from the
Asian Development Bank between 1969 and 1980. There were
no further
loans in the 1980s. Singapore's estimated outstanding
borrowings
from the World Bank and the Asian Development Bank in late
1988
totalled US$35.1 billion and US$45.4 million,
respectively. Its
1988 quota of IMF special drawing rights (SDR)--related to
its
national income, monetary reserves, trade balance and
other
economic indicators--was SDR 92.4 million.
Data as of December 1989
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