S$48.4b Resilience Budget for Singapore to tackle Covid-19 crisis

Janice Heng

Published Thu, Mar 26, 2020 · 09:07 AM

A RECORD S$48.4 billion is being committed in a supplementary budget unveiled on Thursday to help Singapore weather the Covid-19 crisis, with in-principle support gained to draw up to S$17 billion from past reserves for this, said Deputy Prime Minister and Finance Minister Heng Swee Keat in Parliament.

If it becomes necessary, the government is prepared to propose to the President that further draws be made on past reserves, he added.

Together with an earlier S$6.4 billion in Budget 2020, this means a total of S$54.8 billion - or 11 per cent of gross domestic product - being dedicated towards supporting the country amid the virus outbreak.

Some S$20 billion of the new Resilience Budget is set aside as loan capital, alongside enhancements to financing schemes for firms. Other measures include larger wage offsets, property tax rebates of up to 100 per cent, deferment of corporate income tax payments for t…