Singaporean Deputy Prime Minister and Minister of
Finance Heng Swee Keat on March 26 announced the government’s supplementary
budget worth 48.4 billion SGD (33.7 billion USD) to cope with the COVID-19
Setting out the grim economic outlook worldwide, Heng
Swee Keat says the global economy is now facing both supply and demand shocks.
The second stimulus package, called "Resilience
Budget", would raise Singapore’s COVID-19 support package to nearly 55
billion SGD (38.4 billion USD), or 11 percent of its GDP.
The package will focuses on three areas: saving
jobs, supporting workers and protecting livelihoods; helping enterprises
overcome immediate challenges; and strengthening economic and social
The Singaporean government said it would draw up to
17 billion SGD from its reserves to fund the part of the package.
There will be more support for self-employed
workers, help for fresh graduates and the unemployed to find jobs and more
benefits for the unemployed.
Adult Singaporeans, who were to get a 100-300 SGD
cash payout, will now get up to 900 SGD.
Industries that have been badly hit by the COVID-19
crisis, in particular aviation and tourism, will also get more support./.