S$31 billion to be drawn from reserves for Fortitude Budget

SINGAPORE: The Singapore Government will draw S$31 billion from past reserves to fund the measures in the Fortitude Budget, with a larger sum set ...

Each year, Singapore sets aside S$3 billion as a buffer in the Contingencies Fund and the Development Contingencies Fund.

"This will allow the Government to respond quickly to any unforeseeable developments arising from COVID-19," he said. The use of the contingencies funds is subject to proper governance and accountability, Mr Heng added. The amount advanced shall be included in a Supplementary Supply Bill or Final Supply Bill, which will be presented to and voted on by Parliament, as soon as practicable.

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