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Singapore rolls out hefty stimulus packages to tackle COVID-19. (Image via Forbes)
Preventing further outbreak, Singapore rolls out US$6.4 bil package
Singapore will provide four economic stimulus packages worth US$6.4 bil or SG$ 4.6 bil to suppress the novel coronavirus’s impacts on the Singaporean economy. Singapore’s Minister of Finance, Heng Swee Keat, said that while the impact has not been felt yet, the Singaporean government needs to watch out.One of the prevention measures is by providing economic stimulus as part of the annual budget. Speaking on Tuesday, Swee Keat stated his concern that the estimation of the economic impact due to the COVID-19 might be worse.
The Singaporean government divided the stimulus packages into two parts. First, the SG$5.6 bil package is set to help businesses and companies from the impacts, especially for aviation, tourism, and retail. The Singaporean government also provides cash and shopping vouchers.
The second part, the SG$800 mil packages. The packages are set to tackle the outbreak of COVID-19. Mainly it is reserved to be used by Singapore’s Ministry of Health.
While the stimulus packages took SG$10.9 bil, Swee Keat said that the Singaporean Government has enough profit to cover it up. However, Singapore was forced to lower down its economic growth projection to 0.5 – 1.5 percent due to the COVID-19.
Per Tuesday, Singapore became the country in outer China with the most confirmed cases with 77.
Source: https://bit.ly/2V7c5HR
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