On Thursday (26 March), Deputy Prime Minister Heng Swee Keat took to his Facebook to announce that the supplementary budget will be presented in Parliament today at 3.30pm, and it will be called the Resilience Budget.
Mr Heng, who is also Singapore’s Finance Minister, said that this supplementary budget will help save jobs and support companies through this tough time.
In his post, he started off by saying that last month he presented the Unity Budget where he “had called for all Singaporeans to remain united, and to each play our part in overcoming COVID-19 together.”
“COVID-19 has since turned into a global pandemic, one that will be with us for many months to come. We must remain resilient as we brave the difficult times to come. This is why I have named the supplementary budget the Resilience Budget,” he wrote.
As such, he said Singapore as a resilient country and society is “being put to the test” as the country faces its “biggest challenge in more than a decade”.
Although things are not going to be easy from here forward, Mr Heng stressed that the Resilience Budget will help people and companies, especially those who are badly affected.
“The road ahead will not be easy, but with the Resilience Budget — we will help save jobs and support companies, with more for those who have been hardest hit,” he wrote.
He added, “Households will also receive additional help to tide through this difficult period.”
Mr Heng also pointed out that many analysts and business leaders have been making a guess on the size of the Budget and its reach.
To this, the Minister said that it’s important for people to not have “excessive expectations” and do their part to “make the best use of whatever we have”.
“Various analysts and business leaders have been guessing about the size of the Budget, and its reach. It is important not to have excessive expectations or merely focus on the headline numbers,” he noted.
He continued, “What is more important is that all of us do our part and make the best use of whatever we have.”
In his post, Mr Heng also recalled the Global Financial Crisis in 2008 when he was that time heading the Monetary Authority of Singapore. “Those were dark days, but we bounced back. This time around, we face not just an economic crisis, but also a global pandemic.”
“Together, we can weather the storm emerge stronger as one Singapore,” he noted.