Solidarity Budget to cost S$5.1 billion, S$4 billion more needed from reserves

SINGAPORE: A third tranche of COVID-19 support measures that includes cash payouts and additional support for jobs will cost the Government S$5.1 ...

SINGAPORE: A third tranche of COVID-19 support measures that includes cash payouts and additional support for jobs will cost the Government S$5.1 billion, with S$4 billion to be drawn from Singapore’s reserves.

The overall budget deficit for FY2020 will increase to S$44.3 billion or 8.9 per cent of GDP, said Mr Heng, who is also the Finance Minister.Earlier, President Halimah Yacob had given her in-principle support for the Government to draw up to S$17 billion from past reserves to fund some of the measures in the Resilience Budget.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

ChannelNewsAsia /  🏆 6. in SG

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

As it happens: Heng Swee Keat announces third round of COVID-19 support measures in new 'Solidarity Budget'The Government’s response to the COVID19 outbreak will total S$59.9 billion, which is about 12% of Singapore’s GDP; overall budget deficit to increase to S$44.3 billion
Read more »

Asian firms rush to meet US$69 billion in Q2 debt refinancingHONG KONG: Companies in the Asia Pacific need to raise a near-record US$69.3 billion to refinance their existing borrowings in the second quarter, ...
Read more »

Solidarity Budget to help tide through 'circuit-breaker' period: DPM HengDETAILS of another major support package - called the Solidarity Budget - will be announced in Parliament on Monday at 2pm by Deputy Prime Minister and Finance Minister Heng Swee Keat in a ministerial statement. Read more at The Business Times.
Read more »

Singapore shares rise ahead of new Solidarity Budget; STI up 1.3% at openSINGAPORE stocks made gains on Monday morning ahead of a third major government package to be announced in the afternoon. Read more at The Business Times.
Read more »

Solidarity Budget: Jobs support raised to 75% for April, payout brought forwardSINGAPORE: Companies will get additional wage support for local employees in April, up from a minimum of 25 per cent, Deputy Prime Minister Heng ...
Read more »