President Halimah Yacob gives in-principle support to draw on reserves for 4th COVID-19 support package

SINGAPORE: President Halimah Yacob has given her in-principle support for Singapore to draw on its past reserves to fund a fourth support package in response to the COVID-19 pandemic.on Tuesday about further plans to help people and businesses.It would be the fourth Budget within two months into the new financial year, and the second time past reserves are tapped for the Government’s COVID-19 response.

In a Facebook post on Monday , Mdm Halimah said Mr Heng and his team of ministers had briefed her and the Council of Presidential Advisers last week on the fourth support package. "Having deliberated and considered the recommendation of the CPA, I am satisfied that the fourth support package is necessary to ensure a safe transition to this new normal for Singapore. I have therefore given my in-principle support for the proposed measures to draw on the Government’s past reserves," she said.Calling it an unprecedented crisis, Mdm Halimah said the economy will take"a while" to recover amid"significant uncertainties" in the global economy.

"We have to be realistic about the pace at which countries around the world make adjustments to the way trade and business are conducted. In the meantime, our Government has to help buffer businesses and people from the challenges, and save jobs," she said. "It is critical that we reopen safely, so economic activities will remain slow even as we try to restart them."Mr Heng, who is also Finance Minister, had previously announced support measures to help tide businesses, workers and households through the COVID-19 outbreak. Apart from the

Wow.. Now we need to work harder to fill up those reserves. I will work my bones off for Singapore! 🇸🇬

How many more by budget and draw down? Preparation for GE. After GE gst increase, everything increase.This is getting ridiculous. One or two budget,why so many. Can not work on business opportunity with supply chain moving away from China, Hong Kong protests? Create more jobs.

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