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SINGAPORE – Deputy Prime Minister and Finance Minister Heng Swee Keat will present the 2021 budget in Parliament on February 16, a Tuesday.
The Ministry of Finance (MOF) announced the date in a statement on Thursday (December 31).
There will be live television and radio coverage of the Budget and a live broadcast will also be available on the Singapore Budget website.
In a Facebook post on Thursday, Heng, who is also the Coordinating Minister for Economic Policy, said that it has become almost a tradition to announce the date of the Annual Budget around the turn of the year, and it is no different this year.
“But this year has been far from traditional. Instead of an annual budget, we had four budgets and two ministerial declarations. To support our workers, businesses and households through Covid-19, we introduced several rounds of support measures.” , wrote.
Preparation for the 2021 budget is underway, and the pandemic is contained locally, with the vaccination exercise underway, he noted.
“But the big picture remains very uncertain and will be the case for some time.
“If the trajectory of economic recovery is on the right track, then we will have a more ‘traditional’ budget year. But if the situation worsens, we are ready to respond and adapt,” Heng said.
Various channels have been created for Singaporeans to share their views and hopes on the next budget until January 8.
The government’s feedback unit Reach has established virtual and physical listening points in high-traffic areas, while the People’s Association and its grassroots organizations will communicate with Singaporeans through virtual engagement platforms, including an initiative called Ask Kopi Kakis.
Details of physical listening points can be found on the Reach Budget 2021 microsite, while details on Ask Kopi Kakis can be found on this website.
Topics and questions to be covered include those related to the economy, workforce, society and community, a safe and smart nation, and environmental sustainability.
Some of these questions include how Singapore can foster and accelerate digital adoption and support vulnerable groups more effectively, as well as how businesses can transform and prosper in a post-Covid-19 world.
In November, Mr. Heng and representatives from various investment agencies and entities also briefed President Halimah Yacob and the Council of Presidential Advisers on their long-term macroeconomic prospects and the long-term expected real rates of return proposed by the government, as part of the budget preparation work.
Madame Halimah said that the discussions focused on Covid-19 and its impact.
In addition to the short-term uncertainties brought on by the pandemic, he noted that a key question is also whether Covid-19 has fundamentally changed the investment landscape.
Other key questions that Madam Halimah said that need to be studied are the structural changes that Covid-19 has caused in the macroeconomic environment and how these factors impact Singapore’s long-term investment returns.
Close to $ 100 billion was dedicated to Covid-19 support measures in four budgets and two ministerial statements, with up to $ 52 billion drawn from reserves.
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