Singapore Budget 2018: Ministries' budget growth to be moderated further
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THE pace at which the budget of the various government ministries can grow will be moderated further, Finance Minister Heng Swee Keat said on Monday.
The ministries' block budgets are currently allowed to grow at 0.4 times of GDP growth. This will be reduced to 0.3 times from fiscal 2019.
The government had in 2017 announced a permanent 2 per cent downward adjustment to the budget caps of ministries and organs of state.
The estimated overall government expenditure in fiscal 2018 is at 19 per cent of GDP, which is leaner than most developed economies, said Mr Heng.
The government agencies are also looking for ways to be more efficient.
"We must continue to manage our expenditure growth carefully and get the best value for every dollar we spend."
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