Singapore's subscription to the International Bank for Reconstruction and Development (IBRD), a World Bank institution that lends to the developing world to reduce poverty and support global development, will be raised from 38.6 million USD to about 672 million USD.

The Singapore Government’s plan is in response to the IBRD’s call to increase its overall capital by 86.2 billion USD. It was approved by the Singapore Parliament on January 21.

Addressing the Jan. 21 Parliament session, Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said, “This is our first increase in capital subscription to the IBRD since 1966. It will mean an increase in our voting power in the IBRD from 0.05 percent to 0.25 percent.”

He told MPs that “Given our role as a major financial centre and the importance of a healthy global economy to our economic prospects, we should participate in this global effort”.

Singapore’s economic ties are also growing with developing countries in Asia and beyond, he added”.-VNA