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Budget 2022: $6b draw on past reserves to pay for Covid-19 public health expenditure

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To make sure that Singapore can respond nimbly and confidently to the evolving Covid-19 situation, the Government will dip into the country's past savings to the tune of $6 billion this year to pay for related public health expenditure, said Finance Minister Lawrence Wong on Friday...

"It reflects our prudence in the use of past reserves," he said.

It added that the sizeable fiscal support for businesses had helped the economy bounce back and kept a lid on non-performing loans. The Government had also received extra revenue from one-off revenue upsides, including from vehicle quota premiums and stamp duties, he added. Mr Wong added that he will replace the advances from the Contingencies Fund, set up for urgent, unforeseen expenditures, through the Supplementary Budget for FY2021.

 

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