Fortitude Budget: Government sets aside further S$33b in Singapore's fight against Covid-19

THE Singapore government is setting aside a further S$33 billion for the next phase of the country's fight against the novel coronavirus and the resulting economic fallout, Deputy Prime Minister and Finance Minister Heng Swee Keat said in Parliament on Tuesday.

Together with three earlier economic rescue packages - the Unity, Resilience and Solidarity Budgets - this brings the government's support to S$92.9 billion, or 19.2 per cent of Singapore's GDP.

The Fortitude Budget includes the S$3.8 billion worth of measures, such as enhancements to the Jobs Support Scheme, announced on April 21 when the "circuit breaker" was extended.

"This is a landmark package, and a necessary response to an unprecedented crisis," Mr Heng said in his Fortitude Budget speech.

The central focus of this fourth package is jobs, Mr Heng said, adding that the government will continue to support workers and businesses who remain affected by border closures and safe distancing measures.

Given the significant changes in the global economy ahead, Mr Heng said the government will provide support to enable Singapore's businesses and workers to adapt, transform and seize new opportunities to emerge stronger.

Additional support will also be given to households and the community to cope with the disruptions and seize new opportunities in adversity, Mr Heng said, adding that this will help Singapore build a stronger and more inclusive society.

Frontline agencies will get more funding to continue the country's fight against the pandemic, and this will boost Singapore's clinical management of cases and its swabbing and testing capabilities.

"The coming months will test our resolve as a society and as a people. We will need to adapt, and stay resolute and resilient amidst a rapidly evolving, uncertain situation," Mr Heng said.