President Halimah Yacob gives in-principle support to tap reserves for fourth Covid-19 support package

SINGAPORE President Halimah Yacob has given her in-principle support for the government to draw on past reserves for a fourth support package in response to the Covid-19 outbreak.

It will mark the second time past reserves are tapped for the government's Covid-19 response. Deputy Prime Minister Heng Swee Keat will announce a new round of measures for businesses and individuals on Tuesday in Parliament.

Madam Halimah had previously given her support for some S$21 billion to be drawn from past reserves to help fund support measures announced in March and April.

In a Facebook update on Monday evening, Madam Halimah said the crisis situation remains volatile, with significant uncertainties in the global economy. "Lives and livelihoods continue to be at stake. It is critical that we re-open safely, so economic activities will remain slow even as we try to restart them," she said.

"Having deliberated and considered the recommendation of the CPA (Council of Presidential Advisers), I am satisfied that the fourth support package is necessary to ensure a safe transition to this new normal for Singapore."

She urged citizens to be realistic about the pace at which countries around the world make adjustments to the way trade and business are conducted. In the meantime, the Singapore government has to help buffer businesses and people from the challenges, and save jobs.

The supplementary Budget on Tuesday will focus on workers and companies that cannot resume activities immediately after the end of the circuit breaker period on June 1.

It will include support for the social service sector, Mr Heng said in a Facebook post on Sunday.