President Halimah Yacob approves draw of S$6 billion from past reserves to fund COVID-19 expenditure

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SINGAPORE: President Halimah Yacob gave her approval for the federal government to draw S$6 billion from past reserves to fund a “multi-pronged approach” to proceed supporting Singapore’s COVID-19 public well being expenditure.

“Even as we prepare to transit to the new normal, it is not time yet to spare efforts in areas such as testing, clinical management, vaccination and therapeutics,” mentioned President Halimah in a Facebook publish on Wednesday (Mar 23), after giving her assent to the Supply Bill for the monetary yr 2022.

She mentioned that that is the third consecutive monetary yr that the nation has had to draw on past reserves to battle COVID-19.

“These draws are inevitable because we must garner necessary resources to protect Singaporeans and bolster our economy,” she mentioned.

During his Budget speech final month, Finance Minister Lawrence Wong had mentioned that the cumulative anticipated draw on past reserves over FY2020 to FY2022 was up to S$42.9 billion, decrease than the preliminary draw of S$52 billion that was initially agreed to for FY2020.

“I take heart that the Government is prudent in the use of Past Reserves, rolling out measures that are critically needed for our people and businesses,” mentioned President Halimah.

In giving her assent to the Supply Bill, she mentioned that she had the profit of the suggestions by the Council of Presidential Advisers (CPA) after contemplating the knowledge offered by the Ministry of Finance on the Budget 2022.

“With perseverance and cooperation from everyone, I am confident that we will once again ride out the current COVID-19 Omicron wave, and further enhance our resilience as a nation,” she added.

President Halimah Yacob approves draw of S$6 billion from past reserves to fund COVID-19 expenditure

Vanessa Lim

Source : channelnewsasia.com

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