Friday, April 29, 2005

Singapore Urged to Enhance Transparency of GIC

Singapore has not acceded to the request.
International Monetary Fund acknowledged Singapore's efforts to increase transparency, but urged it to do more in an annual review of the city-state issued Thursday.

"Following Temasek's example, the staff suggested that the government could also consider publishing, without disclosing sensitive details, the aggregate assets of the Government of Singapore Investment Corporation, the broad elements of its portfolio and its overall returns," the IMF said in the report.

The government says there's enough internal oversight to ensure proper functioning. Singapore has a reputation for clean government.
The Government also claimed that since the GIC was free from debt, there was no need to improve investor confidence in this fashion.

[Source: Associated Press, via Forbes, 28/04/2005]