Singapore announces second aid package to cope with COVID-19
Singaporean Deputy Prime Minister and Minister of Finance Heng Swee Keat on March 26 announced the government’s supplementary budget worth 48.4 billion SGD (33.7 billion USD) to cope with the COVID-19 pandemic.
Setting out the grim economic outlook worldwide, Heng Swee Keat says the global economy is now facing both supply and demand shocks. (Photo: GOV.SG)
Singapore (VNA) - Singaporean Deputy Prime Minister and Minister of Finance Heng SweeKeat on March 26 announced the government’s supplementary budget worth 48.4billion SGD (33.7 billion USD) to cope with the COVID-19 pandemic.
The second stimuluspackage, called "Resilience Budget", would raise Singapore’s COVID-19support package to nearly 55 billion SGD (38.4 billion USD), or 11 percent of its GDP.
The package will focuseson three areas: saving jobs, supporting workers and protecting livelihoods; helpingenterprises overcome immediate challenges; and strengthening economic andsocial resilience.
The Singaporean governmentsaid it would draw up to 17 billion SGD from its reserves to fund the part ofthe package.
There will be more support for self-employedworkers, help for fresh graduates and the unemployed to find jobsand more benefits for theunemployed.
Adult Singaporeans,who were to get a 100-300 SGD cash payout, will now get up to 900 SGD.
Industries thathave been badly hit by the COVID-19 crisis, in particular aviation and tourism,will also get more support./.
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Setting out the grim economic outlook worldwide, Heng Swee Keat says the global economy is now facing both supply and demand shocks. (Photo: GOV.SG) 
