Singapore Adds S$8 Bln Support Measures For Workers And Businesses

By Massita Ahmad SINGAPORE, Aug 17 (Bernama) -- Singapore Deputy Prime Minister and Finance Minister Heng Swee Keat Monday announced another S$8 billion support measures for the republic's workers and businesses amid weaker global economic due to the COVID-19 pandemic. This is on top of S$100 billion over four budgets the republic had dedicated before. "We intend to fund these measures by reallocating monies from other areas, such as development expenditures that were delayed due to COVID-19," he said in his Ministerial Statement on the support measures here. Heng noted that there are no plans to draw on Past Reserves for these measures, beyond what was approved earlier. He said the COVID-19 situation in the republic is now under control with the Multi-Ministry Taskforce working towards resuming more activities in a safe and sustainable manner. However, he said the global economy remains very weak. "Much will depend on how well countries contain the spread of the virus. An effective vaccine, even if found, will take time to be produced and distributed. "Some countries have re-opened only to experience new waves of infections. These have further set back their economic recovery," he said. Heng said the measures are strategised for three areas where the government will continue to support jobs and create new ones; provide further support for sectors which are hit the hardest; and position Singapore to seize growth opportunities in a post-COVID-19 world. Detailing the support measures for sectors which have been hit the hardest, Heng said further support will be provided for these sectors to retain core capabilities and position them for an eventual recovery. The three sectors in particular are aerospace, aviation and tourism, he said. "These sectors are important parts of our economy, and they are multipliers for other sectors. In particular, Singapore’s position as a global business node depends on our connectivity as an air hub. "The Changi Air Hub and its adjacent industries contribute to over 5.0 of Singapore's gross domestic product (GDP) and employ more than 190,000 people," he said. Tourism, meanwhile, adds vibrancy to Singapore retail and F&B sectors, said the minister. For the aviation sector alone, Heng said an additional S$187 million will be allocated to extend the support measures in the Enhanced Aviation Support Package up to March 2021. "This will provide cost relief for our airlines, ground handlers, cargo agents, and airport tenants. This package will also support our local carriers to regain our air connectivity to the world," he said. Singapore GDP's contracted 13.2 per cent year-on-year in the second quarter of 2020. -- BERNAMA