(Source: Institute of International Finance / Youtube)

Senior Minister Tharman Shanmugaratnam receives international award for contributions to global financial governance

Senior Minister and Coordinating Minister for Social Policies Mr Tharman Shanmugaratnam was presented with the inaugural Distinguished Leadership and Service Award from the Institute of International Finance (IFF) on 17 October, in recognition of his contributions to global financial governance and public service.

In a statement released by the Prime Minister’s Office, Mr Shanmugaratnam said: “It is my privilege to receive this award from the IIF.”

“It is to the credit of my colleagues at the Monetary Authority of Singapore (MAS) and in the Singapore Government, and internationally, whom I have been working with to build resilient and growth-oriented financial markets.”

“There is still much to be done to put in place the cooperative international networks and global financial reforms needed for more inclusive and sustainable growth.”

The Chairman of the Monetary Authority of Singapore received the award in Washington D.C at the 2019 Annual Meetings of the World Bank Group and International Monetary Fund, along with Bank of England Governor Mark Carney.

The award was created to recognize people who have made “distinguished and sustained contributions to the health of the global economy and financial system through their leadership,” said the IIF in a statement.

“Governor Carney and Senior Minister Tharman are two of the brightest and most capable people I’ve had the honor to work with. Both are world-class public servants, and even better, they are world-class people,” said IIF President and CEO, Timothy D. Adams.

“The success and stability of today’s international financial system would not be possible without their foresight and steady hands.”

The IIF said that Singapore had strengthened its role as one of the world’s leading financial centres under the leadership of Mr Shanmugaratnam. The MAS Chairman previously led the G20 Eminent Persons Group on Global Financial Governance, which proposed reforms for a more effective system of global finance for growth, sustainability and financial stability. He has also served, in his career, as Singapore’s Deputy Prime Minister, Minister for Finance and Minister for Education.

“A visionary, Tharman has been a leading proponent of global reforms to derisk and grow development finance, and to achieve more resilient capital flows,” noted Adams.

“His ability to see around the corner and consider both the economic implications and the possibilities from a central banker’s lens provides a unique and highly valuable perspective in our ever-evolving and increasingly digital world.”

Sharing the news on his Facebook page, Dr Tan Cheng Bock congratulated Mr Shanmugaratnam, expressing his delight at the news.

“I have seen him at work, up close, in the earlier days of his parliamentary career and have found him to be insightful, honest and kind. So I am delighted that he has been recognised by the international community for his abilities. Indeed, he still has many contributions to make in the international community and we are very proud of him, flying the Singapore flag high.”