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SINGAPORE – President Halimah Yacob formally accepted the third supplemental supply and budget adjustments bill that provides for an additional $ 8 billion in support of Covid-19, President Tan Chuan-Jin said when Parliament met on Tuesday (3 of November).
The bill was introduced last month and 33 deputies expressed their views during a two-day debate.
The additional funds will help the Government provide support in sectors most severely affected by the coronavirus, including assisting workers through the Employment Support Program and the Special Employment Assistance Payment.
President Halimah gave her consent to the bill on Monday, she said in a Facebook post.
She said: “It authorizes a reallocation of expenses from areas with reduced expenses, such as interruptions in development projects due to Covid-19.
“The bill also includes some foregone revenue, but does not result in additional withdrawal from our past reserves beyond what it had originally supported in March and May 2020.”
The government approved four unprecedented budgets this year amid the Covid-19 crisis, amounting to nearly $ 100 billion.
The Monetary Authority of Singapore has estimated that this sum will prevent the economy from contracting by 5.6% more than gross domestic product in 2020 and by 4.8% in 2021.
The economic support measures will also cushion the rise in the resident unemployment rate by about 1.7 percentage points this year.
Concluding debate on the bill last month, Deputy Prime Minister and Finance Minister Heng Swee Keat addressed the importance of managing Singapore’s dual identity as a city and as a nation.
As a city, it must remain open to new and exciting ideas, but as a nation, it must stand together and defend its independence, he said.
Now that the country is shifting its focus towards economic recovery, it must remain open and connected to the rest of the world, Heng added.
In her Facebook post on Monday, President Halimah said that the Covid-19 situation has largely stabilized, with the number of cases now under control.
Even so, Singapore is still in the midst of fighting the virus, he added.
She said, “With my assent to today’s bill, I hope the Government continues to focus on supporting our people and businesses through these turbulent times.”
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