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