This year's Budget saw Singapore tapping on its reserves for the first time to enable it to 'respond decisively' to the global recession, said Mr Tharman. -- ST PHOTO
THE Ministry of Finance will continue to adopt policies to see Singapore through the downturn while investing for future growth and maximising opportunities for every Singaporean.
These were among the key themes outlined by Finance Minister Tharman Shanmugaratnam on Friday in an addendum to President SR Nathan's address in Parliament on Monday.
This year's Budget saw Singapore tapping on its reserves for the first time to enable it to 'respond decisively' to the global recession, said Mr Tharman.
The Government is drawing $4.9 billion from past reserves to fund one-off Budget measures to boost the economy, such as the Jobs Credit Scheme to subsidise wage costs in a bid to save jobs, and a Special Risk Sharing Initiative to give companies more access to credit.
Mr Tharman said government expenditure is likely to increase from 15 per cent of Gross Domestic Product to about 17 to 19 per cent of GDP over the next five to 10 years, as Singapore responds to 'a more competitive global environment and the needs of an ageing population'.
The Government will continue to use a framework to enable the Government of Singapore Investment Corporation and Temasek Holdings to 'invest in diversified portfolios aimed at achieving long-term returns', said Mr Tharman.
