Finance Minister Lawrence Wong meets US Deputy Treasury Secretary, Trade Representative & World Bank Group President

The meeting saw them discuss views on regional economic issues and areas of bilateral collaboration, as well as sustainable finance.

Matthias Ang | April 20, 2022, 05:57 PM

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The U.S. Deputy Treasury of the Secretary, Wally Adeyemo, met with Finance Minister Lawrence Wong during the latter's trip to the U.S.

Director of the Monetary Authority of Singapore (MAS) Ravi Menon, was also in attendance. According to a readout by the U.S. Treasury Department, the meeting took place on Apr. 19.

Thanked Singapore for "strong action" in imposing sanctions on Russia

Issues discussed at the meeting included views on regional economic issues and areas of bilateral collaboration, as well as sustainable finance.

In addition, Adeyemo congratulated Wong and Ravi on Singapore's assumption of the Financial Action Task Force (FATF) presidency in July and expressed support for their priorities.

He also thanked both Wong and Ravi for Singapore’s "strong action" in imposing financial sanctions and export controls on Russia, and highlighted the need for the international community to continue to impose costs for the Kremlin’s invasion of Ukraine and violation of its sovereignty.

The meeting between Adeyemo, Wong and Ravi, follows several recent high-level meetings between the U.S. Treasury Department and the Government of Singapore, including a meeting last month between Prime Minister Lee Hsien Loong and Treasury Secretary Janet Yellen. 

Part of Wong's meetings with U.S. officials

Wong said in a Facebook post on April 19 (Singapore time) that he had begun his meetings with international and U.S. officials.

He highlighted his meetings with World Bank Group President David Malpass and his senior management team, and U.S. Trade Representative Katherine Tai.

With regard to his meeting with Malpass, Wong said that he discussed the work of the World Bank in sustainable financing.

Wong highlighted, "There are many projects in Asia which need private financing and government support to get off the ground. Both Singapore and the World Bank have been active in this space. We discussed how the World Bank Singapore Hub can make use of our financial ecosystem to promote a greener recovery for the Asian region."

As for his meeting with Tai, Wong said that their discussions encompassed new models of economic and trade cooperation, and the importance of deeper and more substantive US engagement in the region, via the Indo-Pacific Economic Framework.

He added, "Trade is the lifeblood of Singapore – our trade with the world is about three times our GDP."

Wong is currently in the U.S. for a 10-day trip which will see him attend the World Bank-IMF Spring Meetings, along with the Second Finance Ministers and Central Bank Governors Meeting (FMCBG) under the 2022 G20 Indonesian Presidency, among other things.

Wong also gave a speech at the Peterson Institute for International Economics in Washington D.C. on April 18 regarding inflation.

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Top collage left photo via The U.S. Department of the Treasury Facebook, right photo via Lawrence Wong Facebook