Singapore used 20 years of previous budget surpluses to combat Covid-19: DPM

Singapore

SINGAPORE has drawn on its reserves - equivalent to over 20 years of past Budget surpluses - to fight the Covid-19 pandemic, said Deputy Prime Minister and Finance Minister Heng Swee Keat on Friday.

"We have used a generation's worth of savings to combat a crisis of a generation. We must therefore ensure that our fiscal balance is put back on a stable path when the economy recovers," he wrote in his ministry's addendum to the President's Address.