Singapore has not yet felt the full economic fallout from Covid-19, and there will be more business closures and retrenchments in the coming months, said Prime Minister Lee Hsien Loong.
This is the second time the Government has drawn on past reserves. Totalling $52 billion this year and the largest amount to date, this sum eclipses the $4.9 billion that then President S R Nathan approved during the 2009 global financial crisis. According to the Manpower Ministry's labour market report earlier this month, total employment here registered its sharpest-ever quarterly decline in the first quarter of this year.
It will oversee the design and implementation of the SGUnited Jobs and Skills Package announced by Deputy Prime Minister Heng Swee Keat in his Fortitude Budget speech last month. "With our arrangements and precautions in place, I am confident we can hold a proper and safe election," he said.
Source: News Formal (newsformal.com)
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