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Solidarity Budget: President Gives In-Principle Support To Draw Another $4B From Past Reserves

In his Solidarity Budget speech today (April 6), Minister Heng Swee Keat said that the additional measures will cost $5.1 billion, with $4 billion for additional support for businesses and workers, and $1.1 billion for the Solidarity Payment.

President Halimah had earlier given her in-principle support for the Government to draw up to $17 billion from past reserves to fund some of the measures in the Resilience Budget.

With the significantly stricter pre-emptive measures needed to protect Singaporeans, it is now “necessary” to propose a further draw on past reserves.

These stricter pre-emptive measures will impact workers and businesses severely; additional support will be required to save jobs, preserve capabilities, and provide immediate direct assistance to Singaporeans, he says.

Therefore, he has sought and obtained the President’s in-principle support to draw on an additional $4 billion from past reserves.

This will be used to fund the enhanced Job Support Scheme, the enhanced Temporary Bridging Loan Programme and Enterprise Financing Scheme, and the Solidarity Payment to Singaporeans.

The remaining $1.1 billion will be funded from the fiscal space of this term of Government, Mr Heng says.

Featured Image Credit: The Online Citizen

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