New support measures to cost $8b, no plans to draw on past reserves: DPM Heng
SINGAPORE - There are no plans for the extra $8 billion pumped into Singapore's fight against the coronavirus pandemic to be funded by a further draw on national reserves.
Singapore's operating expenditure is also estimated to see a reduction of $1.5 billion,mainly due to lower military expenditure arising from pandemic-related delays in projects, as well as the cancellation or deferment of exercises. The lower operating expenditure was also attributed to lower manpower costs, as civil servants did not get the usual mid-year bonus this year.
On Monday, the Finance Ministry also provided an interim update on Singapore's current budget estimates for this financial year, in view of the unprecedented impact of Covid-19 on the Government's budgetary plans and forecasts. This decrease was attributed to the subdued economic growth environment due to the Covid-19 pandemic, as well as lower economic activity during the circuit breaker period.
Singapore's total expenditure this year is projected to be $102.1 billion, which is $8.4 billion or 7.6 per cent lower than the revised estimate presented in May.
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