Post #351

"We have saved up for a rainy day. The COVID-19 pandemic is already a mighty storm and is still growing,"says Mr Heng. "It is a 'black swan' event that comes only once every few decades." The Government has obtained the President's in-principle support to draw up to S$17 billion to fund the additional measures under these "exceptional circumstances". The only other time Singapore had drawn on past reserves was during the global financial crisis, when President approved S$4.9 billion to be drawn. “Should it become necessary, I am prepared to propose to the President further draws on past reserves to deal with the situation.” https://www.channelnewsasia.com/news/singapore/covid19-coronavirus-stimulus-budget-heng-swee-keat-parliament-12571140