IMF urges Singapore to narrow current account surplus

Government's plans to raise public spending get a nod.

According to a report by Reuters, Singapore needs to narrow its huge current account surplus further and the International Monetary Fund supports the government's plans to raise public spending on infrastructure and social services, the IMF said on Thursday.

"Singapore's external position appears to be stronger than warranted by fundamentals, suggesting the importance of further efforts to narrow the current account surplus over the medium term," the IMF said on Thursday in its annual review of economic developments and policies in the wealthy Southeast Asian city-state.

Read full report here.

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