SINGAPORE: The COVID-19 crisis has re-affirmed the value of Singapore’s key institutions and the key tenets of the country’s “prudent fiscal ...
- Mr Heng said the country’s reserves comprised assets invested by the Monetary Authority of Singapore , GIC and Temasek.
“As a small country without any natural resources and highly dependent on imports, our reserves are vital to our overall economic and financial stability,” he said. The reserves serve as a strategic defence, which allow the country to “resolutely defend” the Singapore Dollar against speculative attacks, said Mr Heng, noting this contributes to a stable Singapore dollar, which bolsters the confidence of both investors and citizens.
Members of Parliament should debate on the merits of policies and programmes, especially those which require the use of reserves, said Mr Heng. “Because when the Government introduces policies where the reserves have to be employed, the question we have to ask ourselves is, is it enough? Or is it too much?” said Mr Singh.Mr Heng replied that the checks and balances in the system had been “rigorously designed and very well-observed”.
The Deputy Prime Minister noted however that the aftermath of the COVID-19 pandemic may last for a long time, requiring the country to deal with it sustainably.
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