Singapore Announces S$107 Bln "Emerging Stronger Together" Annual Budget

SINGAPORE, Feb 16 (Bernama) – Singapore has committed a total of S$107 billion under its "Emerging Stronger Together" Budget to address near-term challenges and enable the republic to emerge stronger from the COVID-19 crisis. "In the immediate term, we expect to run a fiscal deficit to support targeted relief, considering the unprecedented impact of COVID-19," said the republic’s Deputy Prime Minister and Finance Minister Heng Swee Keat when tabling the budget in Parliament here Tuesday. Heng noted that the republic’s President Halimah Yacob has given her in-principle support for the proposed draw of up to S$11 billion on Past Reserves in the current financial year. The total expected draw on Past Reserves since the 2020 financial year will be up to S$53.7 billion, said the minister. “Our fiscal situation is expected to be tighter in the coming years. But beyond this crisis, we must return to running balanced budgets,” said Heng. Among other things, the government has also set aside S$11 billion for a COVID-19 Resilience Package under the budget. “This package will address our immediate needs to safeguard the health of our people and re-open safely, support workers and businesses where needed, and target support for sectors that are still under stress,” he said. Singapore is currently in Phase Three of the re-opening of its economy and social activities since Dec 28, 2020. Last year, the republic’s government rolled out four fiscal packages to support workers and businesses, putting aside almost S$100 billion to counter the impact of the COVID-19. To-date, Singapore reported a total of 59,810 confirmed cases of COVID-19 . -- BERNAMA