Singapore’s reserves cannot be built up again once gone: PM Lee

SINGAPORE - Singapore’s reserves cannot be built up again once they are gone, Prime Minister Lee Hsien Loong said in an interview published on Wednesday.

PM Lee said he was proud that Singapore had built up the reserves, and is anxious that the country keeps it like this for as long as it can. When asked what the reserves mean to him, PM Lee said they are a great source of comfort and reassurance that if Singapore runs into a jam, it will not be destitute and will have “one extra card to play”.

“And how much is enough? If I have more than that, I can spend it. If I have less than that, well, maybe I hope to get there. I do not know how much is enough. There is no such idea of how much is enough,” he said.“From the long-term point of view, will I have enough if the world is steady and peaceful? I hope so. Will I have enough under all circumstances? That is what I do not know, and that is what the Government has to worry about on behalf of Singaporeans.

PM Lee added that while the Government managed to put back the money it drew for the global financial crisis, he did not think it was possible for the Covid-19 draws to be put back. When asked how large the reserves are, PM Lee said he could not answer the question, but said they are “enough for most circumstances” and enough to provide a substantial support in the Budget every year, by contributing to a fifth of the Government’s revenues.

When asked if the structure of having MAS, Temasek and GIC overseeing the reserves is correct and useful in today’s context, PM Lee said that from time to time, the Government has asked itself if it should have two GICs. The idea was first floated by former prime minister Lee Kuan Yew in his 1984 National Day Rally speech, before the scheme was worked out and implemented over the next few years.

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