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SINGAPORE: Singapore should continue to focus on emerging stronger from the COVID-19 crisis and forging partnerships to meet future challenges “as one people,” Deputy Prime Minister Heng Swee Keat said on Monday (February 15), a day earlier. of your budget statement.
Naming Tuesday’s budget as the strongest emerging budget together, Heng said in a Facebook post that Singapore will need to find new ways to work together, innovate and “transform our economy.”
“We must strengthen our social compact and support each other, especially those with the greatest needs. At this little red dot, we must strengthen efforts to address climate change and build a sustainable home for generations to come, ”said Heng, who is also Minister of Finance.
“It is important to emphasize that we must continue to be prudent in our expenses and leave a better future for our children.”
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Singapore must remain vigilant, even as the country has entered Phase 3 of its reopening and vaccination is ongoing.
“As COVID-19 has accelerated changes and created new ones, we must also navigate these changes in order to thrive in a post-COVID world. Our ability to plan for the future, even in the midst of a crisis, has been the hallmark of Singapore’s history, ”Heng said.
After a 2020 pandemic, Singapore will end the financial year with a record budget deficit.
But thanks to the past reserves that previous generations have accumulated, the country has been able to finance the deficit by “opening the national safe three times,” Heng said, adding that the country’s fiscal situation “will remain difficult for years to come. “. years”.
The government drew an unprecedented S $ 52 billion from reserves last year.
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Heng said he met an elderly man in his 70s during a visit to Bedok recently, who told him that budgeting “shouldn’t be about candy,” but that it was more important to invest in developing people’s skills and enabling them to do better. .
“Shared values like this, the desire to build on what we inherited and pass on something better to the next generation, are what unite us as a people,” Heng said.
“Indeed, we can rejoice that through this crisis, we have built deeper social reserves: united in purpose, in solidarity with each other, and facing difficulties with resilience and strength.”
The government released four budgets last year when the devastating impact of the COVID-19 pandemic became apparent. Including two supplemental budgets, about S $ 100 billion was spent on support measures for businesses and individuals, and to cope with the pandemic.
The budget speech will be broadcast live on CNA’s YouTube channel, Facebook page and website, as well as on channel 5, CNA938, and Mediacorp’s interactive MeWatch service on Tuesday.
A live broadcast of the budget speech will be available on the Singapore budget website and the Ministry of Finance (MOF) Facebook page.
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