Singapore Budget 2020 set to be announced on 18 February

Deputy Prime Minister and Minister for Finance Heng Swee Keat will deliver the Singapore’s 2020 Budget Statement on Tuesday, 18 February 2020, announced by Ministry of Finance (MOF) on Wednesday (1 Jan).

The Budget statement announcement will be available through live television and radio as well as a live webcast on the Singapore Budget website, said in MOF’s statement.

Following this, Finance Minister Heng Swee Keat also wrote in his Facebook post, “As we come close to the end of a decade, Budget 2020 provides us with the opportunity to look back at Singapore’s progress, draw on key lessons and plan our future to take Singapore forward together.”

He mentioned that the Budget is a strategic financial plan to pronounce the near term and long term issues, not only for the next year but for the coming years.

“Each Budget builds on past Budgets, and lays the groundwork for future Budgets. It also reflects our responsibilities as a nation, our hopes as a society and our priorities for our people.”

In his post, by noting the slowdown of global economy, he stated that the transformation and innovation of Singapore’s economy is important to cope with the rapid advancement in technology which continues to drive changes across all the economy sectors and the world.

“We must stay relevant and useful, develop deep capabilities, stay open and connected to the rest of the world,” he added.

Prime Minister Lee Hsien Loong also asked Singaporeans to stay open and connected to the world in his New Year Message released on Tuesday (31 Dec).

Prime Minister said that government will support business to raise the productivity and build new capabilities by helping workers, especially mid-career PMETs-professionals, managers, executives and technicians, to retrain, acquire new skills, find new jobs and stay employable.

Adding that, “We will help households with their cost of living. We will improve social safety nets that protect the poor, the elderly, and the vulnerable.”

Heng Swee Keat also acknowledged that in the New Year’s message released by the People’s Action Party (PAP) Secretary General, saying the government is looking at the measures to tackle the economic slowdown even as they build for the longer term.

According to the flash data from Ministry of Trade and Industry (MTI, the Singapore’s economy grew at a slower pace of 0.7 per cent in 2019.

Also, the details of the Goods and Services Tax (GST) support package is set to be announced in the Singapore’s 2020 Budget, said by Heng to the media during the PAP convention on 10 Nov 2019.

The public can continue to send in their views and suggestions for Singapore’s 2020 Budget through the Singapore Budget website, Reach Budget microsite and its social media channel on Facebook and Instagram.