SINGAPORE: Singapore today announced its fourth budget for the year of S$33 bil (RM101 bil) for the next phase of its fight against Covid-19.
According to the republic’s Deputy Prime Minister and Finance Minister Heng Swee Keat, jobs are the central focus of this supplementary budget.
Over four months, Singapore has tabled four budgets, the first of which was a normal annual budget, at S$10.9 bil, on Feb 18.
It was followed by one for S$48 bil on March 26 and S$5.1 bil on April 6, The latest budget brings the total close to S$100 bil.
Heng noted that the total amount was equivalent to almost 20% of Singapore’s Gross Domestic Product (GDP) and added, “In total, we are looking at drawing up to S$52 bil of Past Reserves this financial year,” said Heng.
The minister also said an additional S$13 bil in the Contingencies Funds would be set aside.
“This is to allow the government to respond to any unforeseeable developments if the medical or economic situation deteriorates. We will do our best to avoid this, but we must be prepared for any eventuality,” he added. – May 26, 2020, Bernama
