Singapore: Extra measures to support the economy – UOB

Pablo Piovano FXStreet

Economist at UOB Group Barnabas Gan gives his views on the recently announced extra stimulus measures to support the economy in Singapore.

Key Quotes

“Singapore’s Finance Ministry has announced a fourth round of support measures in the Fortitude Budget to provide further help to businesses, workers and households affected by the COVID-19 outbreak. It plans to inject an additional S$33.0 billion as Singapore embarks on phase 1 easing of the Circuit Breaker measures on 2 June 2020.”

“The focus of the Budget is three-fold: (1) to enable Singapore businesses and workers to adapt and to transform; (2) to provide additional support to Singapore’s households and community which have been adversely affected by the COVID-19 pandemic; and (3) to provide funding to frontline agencies to bolster Singapore’s fight against COVID-19.”

“To finance this package, the Government will propose a further S$31.0 billion draw from past reserves. This is on top of a plan to draw S$4.0 billion and S$17.0 billion from past reserves as mentioned in the Solidarity and Resilience Budgets respectively. Altogether, a total of S$52.0 billion will be drawn from reserves.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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