Budget 2020 will help those hit by coronavirus outbreak: Indranee

Singapore

BUDGET 2020 will be "comprehensive", with "assurance and support" given to sectors hit by the coronavirus outbreak, Second Minister for Finance and Education Indranee Rajah said in a radio interview.

While help will go to where it's need most, growth areas will not be ignored, she said on Thursday on Money FM 89.3.

She said that Budget 2020, which will be delivered on Feb 18 by Deputy Prime Minister and Minister for Finance Heng Swee Keat, is intended to address present needs while positioning Singapore for the future.

This means providing help to companies to transform and take advantage of opportunities. Workers would also be given support to acquire the right skills to get the right jobs.

This year's Budget is also intended to provide assurance and support to those, including families and households, affected by the novel coronavirus, according to Ms Indranee who is also the Minister in the Prime Minister's Office.

"Obviously there are sectors that have been affected even prior to the coronavirus situation," she said. "Now with the coronavirus, obviously the situation has impacted them even more."

There is also the matter of climate change and "sustaining Singapore for the future", which would be about not only keeping the environment green but also beefing up the country's fiscal position.

Ms Indranee said local companies require help to build the capability to access new markets and to cope with industry disruption and new technology.

Many small and medium-sized enterprises (SMEs) know they have to go digital but they need guidance and support to do it right.

"Every past Budget built on previous Budgets," Ms Indranee pointed out. "We have got many programmes and many things which are already in place. But what we do every year is that we look at what are the emerging needs or what are things that have to be addressed, and this Budget will be directed at that. Obviously we build on the past, but we have things for the present."

Ms Indranee said companies can expect "targeted support".

"Our view has always been that you must look to see where the need is and (we) should direct the help, the funds and resources to that need," she noted.

SMEs can look forward to help in scaling up their businesses and training their workers for bigger jobs. "We have to put a lot of our attention on helping the SMEs," she said. "We also put a lot of attention on helping our workers to get the right skills, to upskill, to re-train and access new jobs."

Ms Indranee said Singapore is in a sound financial position and has strong fundamentals to withstand the current situation.

But she also added that companies should take advantage of the economic slowdown to retrain workers and build up what it takes to seize business opportunities in the region when the upswing comes.