“We will never let Singapore become bankrupt”: Heng Swee Keat on using reserves for COVID-19 budgets
Resilience Budget: Singapore unveils $48 billion support package to tackle COVID-19
- Published on: Thursday, March 26, 2020
- Singapore is setting aside an extra $48 billion to fight the impact of the COVID-19 outbreak. That's on top of the $6.4 billion announced in the Budget in February to support businesses and households. Deputy Prime Minister and Finance Minister Heng Swee Keat said the pandemic is likely to lead to the worst economic contraction in the country's history. He said the extraordinary situation calls for extraordinary measures. The government will draw from past reserves to fund the package -- the second time in Singapore's history. President Halimah Yacob has given her in-principle support for $17 billion to be drawn from the country's past reserves.
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