Mr Heng said the situation remains highly fluid and uncertain"with significant risks", adding that Singapore's fiscal position will be affected from both the revenue and expenditure sides.
While Singapore has benefited from unexpected revenue upsides, such as exceptional Statutory Board Contributions from the central bank and increased stamp duty collections, Mr Heng said the country cannot hope to rely on a repeat of this. He added that significant volatility in the economy and financial markets can be expected in the near future, and Singapore must stay nimble in this fluid situation.
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