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Resilience Budget: Gov’t Announce Measures Worth Almost $55B To Tackle COVID-19 Impacts

heng swee keat

Deputy Minister Heng Swee Keat announced in Parliament today (March 26) details of the Resilience Budget.

According to Mr Heng, the Resilience Budget is worth over S$48 billion, seven times more than the first tranche of S$6.4 billion allocated in the Unity Budget.

In total, Singapore is dedicating close to S$55 billion, or 11 per cent of our GDP, to “support our people in this battle.”

The President has given in-principle support to draw up to S$17 billion from past reserves to fund part of Resilience Budget, said Mr Heng.

He added that the Resilience Budget will focus on three key areas:

  1. Save jobs, support workers and protect livelihoods
  2. Help enterprise overcome immediate challenges
  3. Strengthen economic and social resilience

Featured Image Credit: Reuters

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