Singapore approves 8.2 billion USD for COVID-19 response
Singaporean President Halimah Yacob has formally approved the draw of up to 11 billion SGD (8.2 billion USD) from past reserves to fund measures needed to fight the COVID-19 pandemic.
Singapore (VNA) – Singaporean President Halimah Yacob has formally approved thedraw of up to 11 billion SGD (8.2 billion USD) from past reserves to fund measuresneeded to fight the COVID-19 pandemic.
Itis the first time Singapore has had to draw on past reserves in two consecutivefinancial years.
Thesum will go towards funding the COVID-19 Resilience Package, which coverspublic health and safe reopening measures, including vaccinations, continuedsupport for firms and workers, and targeted support for worst-hit sectors suchas aviation.
Togetherwith the amount approved last year, the total draw on the reserves will come to53.7 billion SGD.
TheSingaporean Government's spending plans were approved in the Parliament onMarch 8, after MPs spent nine days scrutinising the Government's and individualministries' budgets. This comprised 107 billion SGD (79 billion USD) ofspending in total for the 2021 financial year.
Managinga pandemic of such a scale necessitates more resources to mitigate a plunge inthe Singaporean economy, said Yacob, this would allow Singapore to supportworkers and businesses as it works towards reopening safely amid the pandemic.
Herassent paves the way for the Supply Bill to become law, and it will control howmuch the Government of Singapore is allowed to spend, and on what, in thefinancial year./.
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Illustrative photo. (Source: AFP/VNA) 
