Budget to extend support to ailing sectors, will tackle cost of living: Lawrence Wong

THE upcoming national Budget will offer more support to industry sectors that continue to face difficulties, Finance Minister Lawrence Wong said in a speech on Thursday (Feb 3), while policymakers are also planning for the post-pandemic era.

He remarked that Singapore faces not only the challenge of the Covid-19 pandemic, but also looming uncertainties "like economic and geopolitical challenges".

"We have to look ahead and focus on measures that will put Singapore in a stronger position for the post-pandemic world," he said.

And, besides pressing on with economic transformation, he also indicated that "we aim to forge a fairer, more inclusive, and a greener home for us and our future generations".

The minister - who is set to deliver his maiden Budget on Feb 18 - was speaking at the Spring Reception 2022, which was jointly organised by the Singapore Federation of Chinese Clan Associations and Singapore Chinese Culture Centre during the Chinese New Year period.

He noted that "the Budget is taking place amidst a strong and steady recovery of the economy", but "a few sectors continue to face difficulties" and will be given support in the Budget. For instance, the aviation and tourism industries will get help with their recovery, he elaborated in Mandarin.

"We will also help Singaporeans manage concerns over more immediate issues like the cost of living," he added, pledging to strengthen the social support system as well.

Giving an update on a recent record surge in virus cases, Wong, who is one of the three co-chairs of the national multi-ministry taskforce on Covid-19, also said: "We will do our best to ride through this Omicron wave without having to tighten our existing measures."

Get the latest updates on Budget 2022 here: bt.sg/budget22