Singapore rolls out 'landmark' HK$258b economic aid packageBusiness | 26 Mar 2020 6:17 pm
Singapore rolled out an unparalleled S$48 billion (HK$258.56 billion) package today in a supplementary budget to steer through the coronavirus pandemic that is devastation the world's economies and causing unprecedented deaths is such as short time.
A public health crisis, an economic shock and a social test rolled into one – the coronavirus utbreak has been an “unprecedented crisis of a highly complex nature,” the Deputy Prime Minister Heng Swee Keat said today, as he announced what he called a Resilience Budget to help deal with the situation, Channel News Asia reports.
Together with the S$6.4 billion announced in Budget 2020 last month, Singapore will be setting aside close to S$55 billion, amounting to 11 percent of gross domestic product, for the battle against the coronavirus.
The Resilience Budget dwarves any other stimulus packages that the Government has announced. The biggest had been the S$20.5 billion Resilience Package rolled out in 2009 during the throes of the global financial crisis. Other off-Budget packages announced during the downturns of 1998, 2001 and 2003 ranged from S$230 million to S$11.3 billion.
“This is a landmark package, and a necessary response to a unique situation,” Heng said.
A public health crisis, an economic shock and a social test rolled into one – the new coronavirus outbreak has been an “unprecedented crisis of a highly complex nature”, Deputy Prime Minister Heng Swee Keat said on Thursday (Mar 26) as he announced what he called a Resilience Budget to help deal with the situation.
In recent weeks, as the novel coronavirus escalated its spread around the world, more countries have ramped up public health measures. These moves have, however, caused severe economic disruptions, with global financial markets roiled in mounting uncertainties.-Graphic: CNA