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Resilience Budget: S$20b allocation for loan capital to support companies

The government is setting aside S$20 billion of loan capital in the Resilience Budget to support companies amid the novel coronavirus pandemic, Deputy Prime Minister and Finance Minister Heng Swee Keat said on Thursday.

This will help support the good companies with strong capabilities and catalyse private sector loan capital, Mr Heng said during his speech in Parliament.

He added that the government will provide help where the credit needs are more acute, given the situation is fluid.

Concurrently, Mr Heng said, the Monetary Authority of Singapore (MAS) is working with banks and insurers to see how best to help businesses and individuals facing cash flow challenges with their loan obligations and insurance premium payments.

The details of these measures will be announced by the central bank and the industry later, he added.