S'pore considers past reserves to stop businesses 'bleeding'

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S'pore considers past reserves to stop businesses 'bleeding'
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The city state already looking at second stimulus package after S$6.4 bil allocation. FMTNews

SINGAPORE: Singapore must consider tapping past reserves to help its people and businesses “bleeding” from the impact of the coronavirus outbreak, President Halimah Yacob said.

The city state last month allocated S$6.4 billion in support for medical response as well as two special packages to aid businesses and consumers. The government takes a cautious approach in using the reserves, and has defended against charges that it’s “excessively prudent, arguing that the city state’s saving mindset keeps it prepared to cushion the economy in times of crisis.

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