SINGAPORE: Deputy Prime Minister and Finance Minister Heng Swee Keat will deliver a ministerial statement on Monday (Aug 17), laying out how the Singapore Government will "evolve and extend" its support for companies and workers during the COVID-19 crisis. Watch it here from 3.30pm:
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Advertisement Advertisement [h=3]READ: Some economic bright spots remain for Singapore despite the overall challenging conditions[/h]His announcement comes on the back of Singapore's worst quarterly gross domestic product performance on record, contracting 13.2 per cent in the second quarter.
In a Facebook post on Friday, Mr Heng said the Government has provided "significant support for workers and businesses" with almost S$100 billion over four Budgets, more than half coming from Singapore's reserves.
Said Mr Heng: "As more sectors re-open gradually, we will have to evolve and taper the support provided. We will continue to provide targeted support to sectors that are hardest hit, including helping them pivot to new opportunities in growth areas.
"We are committed to walk this difficult journey with you. Together, we can overcome this crisis and emerge stronger as one people," he added.
Advertisement Advertisement So far, the Government has released an unprecedented four Budget packages, aimed at mitigating the impact of COVID-19 on Singapore’s economy and protecting businesses and workers. These measures include: the Jobs Support Scheme, the Self-employed Persons Income Relief Scheme, rental and foreign workers levy waivers, and cash payouts to households.
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