Singapore finance minister unveils $5.8 billion worth of virus support measures
“The continued support in our fight against Covid-19 will cost S$8 billion,” Heng Swee Keat said in a speech
A man passes a closed off mall amid the coronavirus disease (COVID-19) outbreak in Singapore May 26, 2020. Photo: Reuters
Singapore's finance minister on Monday unveiled more economic support measures worth about S$8 billion ($5.8 billion) to cushion the blow from the Covid-19 pandemic on businesses and workers.
"The continued support in our fight against Covid-19 will cost S$8 billion," Heng Swee Keat said in a speech.
"We intend to fund these measures by reallocating monies from other areas, such as development expenditures that were delayed due to Covid-19. There are no plans to draw on past reserves for these measures."
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The island-state, one of the world's most open economies, has already spent nearly S$100 billion ($73 billion) over four budgets aimed at offsetting the impact of the virus this year as it faces its deepest ever recession.
