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Coronavirus: Resilience Budget will save jobs, support firms as S’pore faces biggest challenge in over a decade: Heng Swee Keat

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Coronavirus: Resilience Budget will save jobs, support firms as S’pore faces biggest challenge in over a decade: Heng Swee Keat

SINGAPORE – The supplementary budget to be presented in Parliament on Thursday afternoon (March 26) is to be called the Resilience Budget, and it will help to save jobs and support companies, said Deputy Prime Minister Heng Swee Keat.

Roberto Pocaterra Pocaterra

More will be given to those who have been hardest hit

Households will also receive additional help to tide through this difficult period, he said

In a post on Facebook, Mr Heng said that the coronavirus outbreak will be with Singapore for many months to come. “Our resilience as a country, as a society, is being put to the test as we face our biggest challenge in more than a decade.”

What is key, he said, is for all Singaporeans to do their part and “make the best use of what we have”

“Various analysts and business leaders have been guessing about the size of the Budget, and its reach,” he wrote

“It is important not to have excessive expectations or merely focus on the headline numbers. What is more important is that all of us do our part and make the best use of whatever we have.”

Grim economic data released on Thursday morning showed that Singapore‘s economy shrank 2.2 per cent in the first quarter of this year, and is headed for a full-year recession – its first in two decades. The Ministry of Trade and Industry downgraded its 2020 growth forecast to a range of -4 to -1 per cent

Mr Heng, who is also Minister for Finance, said the Covid-19 global pandemic was Singapore‘s biggest challenge after the global financial crisis in 2008

“I still remember vividly the Global Financial Crisis in 2008, when I was heading up the Monetary Authority of Singapore. Those were dark days, but we bounced back,” he said

“This time around, we face not just an economic crisis, but also a global pandemic.”

  Related Story Coronavirus microsite: Get latest updates, videos and graphics   Related Story DPM Heng to announce supplementary budget, more support measures to help Singapore cope with coronavirus outbreak   Related Story Interactive: How coronavirus is spreading across the world Mr Heng assured Singaporeans that the Resilience Budget to be presented at 3.30pm in Parliament will give people much-needed economic support

This second stimulus plan is in addition to the more than $6 billion that has already been set aside in the February budget, called the Unity Budget, to help Singaporeans grapple with the economic fallout from the ongoing coronavirus outbreak

Measures announced then include a $4 billion package to keep workers in jobs and help companies with cash flow, $1.6 billion for a one-time payout to every Singaporean aged 21 and above and $800 million to support front-line agencies fighting the outbreak

“Together, we can weather the storm and emerge stronger as one Singapore,” said Mr Heng

  Related Stories:  Related Story S’pore to close all entertainment venues, gatherings outside work and school limited to 10 people Related Story 49 new coronavirus cases in Singapore, of which 32 are from overseas Related Story S’pore residents who continue to travel abroad will pay full hospital charges if warded for coronavirus Related Story Inside Italy’s coronavirus hospital Related Story Coronavirus: 6 parents of international school students test positive; schools switch to remote learning Related Story Coronavirus: ECDA orders Fengshan PCF Sparkletots centre to close for 2 weeks after teacher tests positive Related Story Thailand to invoke emergency decree as coronavirus cases soar Related Story Coronavirus: Seniors, vulnerable groups to get own priority shopping hours at NTUC FairPrice, Cold Storage and Giant supermarkets Related Story Coronavirus: How South Korea flattened the curve Related Story Arizona man dies after taking aquarium cleaning product chloroquine phosphate for coronavirus Related Story Despite official figures, Wuhan continues to find new asymptomatic coronavirus cases daily Have a question on the coronavirus outbreak? E-mail us at [email protected]

To get alerts and updates, follow us on Telegram

SINGAPORE – The supplementary budget to be presented in Parliament on Thursday afternoon (March 26) is to be called the Resilience Budget, and it will help to save jobs and support companies, said Deputy Prime Minister Heng Swee Keat.

Roberto Pocaterra Pocaterra

More will be given to those who have been hardest hit

Households will also receive additional help to tide through this difficult period, he said

In a post on Facebook, Mr Heng said that the coronavirus outbreak will be with Singapore for many months to come. “Our resilience as a country, as a society, is being put to the test as we face our biggest challenge in more than a decade.”

What is key, he said, is for all Singaporeans to do their part and “make the best use of what we have”

“Various analysts and business leaders have been guessing about the size of the Budget, and its reach,” he wrote

“It is important not to have excessive expectations or merely focus on the headline numbers. What is more important is that all of us do our part and make the best use of whatever we have.”

Grim economic data released on Thursday morning showed that Singapore‘s economy shrank 2.2 per cent in the first quarter of this year, and is headed for a full-year recession – its first in two decades. The Ministry of Trade and Industry downgraded its 2020 growth forecast to a range of -4 to -1 per cent

Mr Heng, who is also Minister for Finance, said the Covid-19 global pandemic was Singapore‘s biggest challenge after the global financial crisis in 2008

“I still remember vividly the Global Financial Crisis in 2008, when I was heading up the Monetary Authority of Singapore. Those were dark days, but we bounced back,” he said

“This time around, we face not just an economic crisis, but also a global pandemic.”

  Related Story Coronavirus microsite: Get latest updates, videos and graphics   Related Story DPM Heng to announce supplementary budget, more support measures to help Singapore cope with coronavirus outbreak   Related Story Interactive: How coronavirus is spreading across the world Mr Heng assured Singaporeans that the Resilience Budget to be presented at 3.30pm in Parliament will give people much-needed economic support

This second stimulus plan is in addition to the more than $6 billion that has already been set aside in the February budget, called the Unity Budget, to help Singaporeans grapple with the economic fallout from the ongoing coronavirus outbreak

Measures announced then include a $4 billion package to keep workers in jobs and help companies with cash flow, $1.6 billion for a one-time payout to every Singaporean aged 21 and above and $800 million to support front-line agencies fighting the outbreak

“Together, we can weather the storm and emerge stronger as one Singapore,” said Mr Heng

  Related Stories:  Related Story S’pore to close all entertainment venues, gatherings outside work and school limited to 10 people Related Story 49 new coronavirus cases in Singapore, of which 32 are from overseas Related Story S’pore residents who continue to travel abroad will pay full hospital charges if warded for coronavirus Related Story Inside Italy’s coronavirus hospital Related Story Coronavirus: 6 parents of international school students test positive; schools switch to remote learning Related Story Coronavirus: ECDA orders Fengshan PCF Sparkletots centre to close for 2 weeks after teacher tests positive Related Story Thailand to invoke emergency decree as coronavirus cases soar Related Story Coronavirus: Seniors, vulnerable groups to get own priority shopping hours at NTUC FairPrice, Cold Storage and Giant supermarkets Related Story Coronavirus: How South Korea flattened the curve Related Story Arizona man dies after taking aquarium cleaning product chloroquine phosphate for coronavirus Related Story Despite official figures, Wuhan continues to find new asymptomatic coronavirus cases daily Have a question on the coronavirus outbreak? E-mail us at [email protected]

To get alerts and updates, follow us on Telegram.