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So if this is not a rainy day, I don't know what is a rainy day.

Reserves are for a rainy day

Updated

Singapore govt may dip into reserves 18 January 2009

CNA news: Singapore govt may dip into reserves

"And we've always said, the reserves are for a rainy day."

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"So if this is not a rainy day, I don't know what is a rainy day. But nevertheless it has to be justified to the President. So, that's an issue which Finance Minister and the Prime Minister would have to deliberate quite carefully," said Mr Goh.

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Singapore to revise 2009 GDP growth forecast 16 January 2009

CNA news: Singapore to revise 2009 growth forecast

Prime Minister Lee Hsien Loong said the situation is gloomier now than at the start of the new year when the growth estimates were announced.

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"The government's job is not do everything which is asked for, but to look to see which are the items which are the most effective and then (see) how to raise the money to fund all the things which I need to do, either from the Budget's revenue this year or from the reserves which we have accumulated," he said.

"To come out from this (financial crisis), it's a lot harder. We can't say that we make some adjustments in Singapore and then we will be able to go back to business as usual. We'll need to do things in Singapore, but what happens after that depends on what happens around the world," he added.

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