Global financial safety net needed: Heng

There is a need to plug gaps in the global financial safety net and encourage investments in infrastructure projects around the world, said Finance Minister Heng Swee Keat.

He was speaking at several sessions of the G-20 Finance Ministers and Central Bank Governors Meetings in Washington, DC, last Friday.

He talked about the importance of instilling confidence, and a strong and credible global financial safety net would be a key part of this confidence.

But gaps exist. Mr Heng said that these could be plugged by "announcing the availability of a standing facility geared towards groups of countries that may be affected by specific shocks", for example.

At a separate session on investment and infrastructure, he said that to promote productive greenfield investments, "we need to reduce risks and improve returns for such projects".

Singapore will be hosting the Global Infrastructure Connectivity Forum later this month, and "we will do our part in furthering this connectivity agenda", Mr Heng added.

Rachael Boon

A version of this article appeared in the print edition of The Sunday Times on April 17, 2016, with the headline 'Global financial safety net needed: Heng'. Subscribe