Monday 6 April 2020
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business-standard - 11 days ago

Singapore unveils USD 33.17 bn economic package to tide through coronavirus crisis

Singapore on Thursday unveiled a landmark package of SGD 48.4 billion (USD 33.17 billion) to support its workers and businesses as the country stepped up measures to deal with the economic fallout of the COVID-19 pandemic. The stimulus is in addition to the SGD 6.4 billion (USD 4.4 billion) announced in its Budget last month to tide through the ongoing coronavirus pandemic. The two support packages amount to 11 per cent of the country s gross domestic product (GDP). This is a landmark package and necessary response to a unique situation, Deputy Prime Minister and Finance Minister Heng Swee Keat told Parliament while unveiling the stimulus. To fund this supplementary budget, the government will draw up to SGD 17 billion (USD 1,18,15,442) from Singapore s reserves, Heng said. President Halimah Yacob has given her in-principle approval for drawing the reserves. Heng said the coronavirus pandemic is a public health crisis, an economic shock and a social test -- all rolled into ...

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