Singapore: Singapore’s financial position will be “a lot weaker in the coming years”, but the Government will continue to find ways to manage this “difficult financial situation”, said Deputy Prime Minister Heng Swee Keat in an interview with CNA on Wednesday (May 27).
A total of S$52 billion will be drawn from past reserves this financial year to help Singapore as it battles the economic fallout from the COVID-19 pandemic.
“I will address the issue of how we are going to ensure that we continue to have the fiscal power to keep Singapore safe, not just in this one year, two years, but for the long term and I will address Parliament on this issue later,” said Mr Heng.
“But for now, let me say that we have a huge work ahead of us, which is to make the very best use of every dollar and cent that we have taken from the past reserves and make sure that we use it wisely and make sure that it counts. And if we can do that, that will allow us to bounce back better and allow us to protect Singaporeans better.”
Source: Channel News Asia