Singapore President Halimah Yacob on Monday said she has given her in-principle support for the Government to draw on past reserves for a fourth support package to help businesses and people cope with the economic fallout from the Covid-19 outbreak.
“This is the fourth Budget within two months into the new financial year, and the second time past reserves are tapped for the Government’s Covid-19 response,” she wrote in a Facebook post.
President Halimah also said that Deputy Prime Minister Heng Swee Keat and his team of ministers had briefed her and the Council of Presidential Advisers (CPA) last week on the fourth Covid-19 support package.
The coronavirus crisis is unprecedented, she said, and the situation remains volatile, with significant uncertainties in global economy.
“Lives and livelihoods continue to be at stake. It is critical that we re-open safely, so economic activities will remain slow even as we try to restart them,” she said.
“Having deliberated and considered the recommendation of the CPA, I am satisfied that the fourth support package is necessary to ensure a safe transition to this new normal for Singapore.”
Her post comes ahead of a ministerial statement on the fourth round of Covid-19 support measures, which Heng Swee Keat, who is also Finance Minister, will deliver on Tuesday.
Naming the fourth Covid-19 support package the “Fortitude Budget”, the Finance Minister said jobs will be a key part.
“The Jobs Support Scheme has helped many employers retain their workers”, he said, while acknowledging that some have lost their jobs or are worried that they might be retrenched.
“Those in your 40s and 50s are more anxious. We will help you turn anxiety into action,” he said.
“We will support those in their jobs to learn and upskill. We will create new jobs for those who are seeking employment. We are also creating traineeships and other opportunities for those completing their post-secondary education this year,” he added.
Keat further said that the upcoming Budget will also provide additional support for social sector agencies, “so they can continue to help the vulnerable among us and better mobilize Singaporeans to contribute their time and monies as the pandemic continues”.
The Government had earlier announced three Covid-19 support packages amounting to $63.7 billion, which were rolled out between February and April.
Measures included the Jobs Support Scheme, which subsidizes wages for local workers, and direct cash transfers such as the $600 Solidarity Payment.
The first Unity Budget delivered on Feb 18 saw $6.4 billion set aside to support businesses, workers and families affected by the coronavirus.
President Halimah has already given her assent for about $21 billion to be drawn from the reserves to fund these packages.