Singapore first tapped on its reserves in FY2020, with the Government saying that it would draw up to S$52 billion in a move to protect lives and livelihoods from the impact of the COVID-19 pandemic.
Likewise in FY2021, the Government had planned to draw up to S$11 billion from past reserves for the COVID-19 Resilience Package. It now expects to draw a lower amount of S$5 billion, Mr Wong said. For example, the S$2 billion worth of economic relief measures introduced during the periods of heightened alert last year was resourced through a reallocation of funds.
Mr Wong noted that Singapore’s spending needs will continue to grow beyond the crisis, as the country tackles structural shifts and invest more to deliver on longer-term priorities.
That makes a very strong point to increase taxes...🤣
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