Deputy Prime Minister and Minister for Finance Heng Swee Keat just delivered the Fortitude Budget, which aims to help Singaporeans and businesses tide through the economic impact of the Covid-19 pandemic.
This is the fourth Budget of 2020, and will mark the second time the government is drawing from its reserves this financial year. President Halimah Yacob has given an in-principle approval for it.
The budget comes as Ministry of Trade & Industry announced a forecast that the Singapore economy will shrink to -7 to -4 per cent, worse than the earlier prediction of -4 to -1 per cent. The country is likely to experience our worst-ever recession since we gained independence.
The Ministry of Manpower also cautioned that Singapore must be prepared for an increase in retrenchments, as the overall outlook for the economy and job market doesn’t look positive in the second quarter and possibly even in the near future.
The government will spend $33 billion for the enhancements and new measures announced for the Fortitude Budget.
DPM Heng said, “We must be prepared for tough times in the months ahead.”
According to DPM Heng, the central focus of the Fortitude Budget is jobs. The government will aim to save jobs and help businesses and job seekers through three ways: cashflow, cost and credit. Here are the details of the budget.