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Singapore's overall budget balance for fiscal year 2015 is projected to be a deficit of S$6.7 billion, or 1.7 per cent of gross domestic product (GDP), Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam told Parliament on Monday.
In his Budget Statement, Mr Tharman said the deficit comes about mainly because of the S$6 billion the government is setting aside for future investments. In particular, S$3 billion into the Changi Airport Development Fund, and significant top-ups for the Special Employment Credit Fund, National Productivity Fund, and the National Research Fund.
"If we were to exclude these funds set aside for future ivestments, the Budget for FY2015 will in fact be quite close to balance,'' he said.
Mr Tharman said there will be no draw on past reserves to fund the overall deficit in FY2015 as the government has sufficient surpluses from previous years of this term of government.