Solidarity Budget: Government's response to Covid-19 to cost S$59.9b

The three economic relief packages the Singapore government is delivering to support businesses and households through the deepening coronavirus crisis will cost S$59.9 billion, Deputy Prime Minister and Finance Minister Heng Swee Keat said.

This comprises S$6.4 billion from Budget 2020, S$48.4 billion from the Resilience Budget and S$5.1 billion from the Solidarity Budget.

Delivering the Solidarity Budget in Parliament on Monday, Mr Heng said the three packages will cost the equivalent of 12 per cent of Singapore's gross domestic product (GDP).

The overall budget deficit for FY2020 will increase to S$44.3 billion, or 8.9 per cent of GDP, Mr Heng added."

"This is an unprecedented budget, for extraordinary times. The situation remains highly fluid and uncertain. The Government stands ready to provide further support, should it become necessary," Mr Heng told the House.

To effect the additional spending for the measures, Mr Heng said he intends to seek Parliament's approval at the Committee of Supply to increase the supplementary estimates that were presented to Parliament on 26 March this year, on a Certificate of Urgency.

He added that he will subsequently seek Parliament's approval to introduce a Revised Supplementary Supply Bill that caters for the additional sums required.