Singaporean people wear face masks to prevent coronavirus (Source: AFP/VNA)Singapore (VNA) – Singapore on February 18 announced a financialpackage worth 6.4 billion SGD (4.6 billion USD) to address economic impact of theacute respiratory disease caused by the novel coronavirus (COVID-19).
In the Budget 2020 statement, Deputy PrimeMinister and Finance Minister Heng Swee Keat said that it is not clear howbadly the outbreak will hit the economy. “We must be prepared that the economicimpact may be worse than we projected,” he added.
According to the minister, a 4 billion SGDpackage will be rolled out to keep workers in jobs, help companies with theircash flow and provide additional support for sectors directly affected by thedisease.
Households will get additional help withthe cost of living from a special 1.6 billion SGD package, with those lesswell-off receiving more.
This includes a one-off cash payout rangingfrom 100 SGD to 300 SGD for every Singaporean aged 21 and above.
Apart from this, 800 million SGD in extrafunding will be given to front-line agencies fighting the outbreak.
Heng said the economic packages may cause adeficit of 10.9 billion SGD, or 2.1 percent of gross domestic product (GDP).However, the Government has accumulated sufficient surplus to fund theprojected deficit without drawing on past reserves./.
VNA
