SINGAPORE - Singapore will draw another $31 billion from its reserves in an extraordinary move to fund a fourth package of measures to cushion the people and the economy from the effects of the coronavirus pandemic.
"But what we need to deal effectively with Covid-19 has grown so much that we have no choice but to draw on our past reserves," he added.Mr Heng said he had thought long and hard about the move and had gone through rounds and rounds of deliberations and discussions with both the Finance Ministry's staff and and his Cabinet colleagues before seeking President Halimah Yacob's approval.
The amount far exceeds the $4.9 billion drawn in 2009 for the global financial crisis, although the final sum used was $4 billion. The number of cases in Singapore has crossed 30,000, with 23 dead, as the country prepares to lift restrictions on movements and business activities after a circuit breaker period that kicked in 50 days ago."After a challenging circuit breaker period, we are now preparing to reopen our economy. To do so in a safe and calibrated manner, and to continue to support our people, we are proposing a further draw on our past reserves.
In a Facebook post on Monday, Madam Halimah had said:"Having deliberated and considered the recommendation of the CPA, I am satisfied that the fourth support package is necessary."
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