Singapore to tap reserves for $30 billion in new virus support measures

1
View original post
Passers-by hold their mobile phones as people take a selfie photo using a smartphone, with Singapore's central business district skyline, in Singapore
FILE PHOTO: Passers-by hold their mobile phones as people take a selfie photo using a smartphone, with Singapore’s central business district skyline, in Singapore, May 10, 2019. REUTERS/Kevin Lam

March 26, 2020

SINGAPORE (Reuters) – Singapore on Thursday unveiled more than $30 billion in new measures to help businesses and households brace against the coronavirus pandemic which threatens to push the bellwether economy into a deep recession.

The new plans amounting to around S$48 billion ($33 billion) will see the government dip into its national reserves for the first time since the global financial crisis.

It comes just weeks after the city-state announced earlier several multi-billion dollar virus-fighting plans in its annual budget.

Singapore has won global plaudits in its two-month long battle with the virus, but a recent surge in infections has forced authorities to close its borders and entertainment venues in moves that are battering firms across the travel and finance hub.

(Reporting by Fathin Ungku; Writing by John Geddie; Editing by Christian Schmollinger)

Comments are closed, but trackbacks and pingbacks are open.