President Tony Tan assents to Government Budget for Financial Year 2015

SINGAPORE - PRESIDENT Tony Tan Keng Yam has approved the Government's Budget for Financial Year 2015, which begins on April 1.

Dr Tan said in a Facebook post on Wednesday that the Council of Presidential Advisers had considered the proposed Budget and recommended he assent to the Supply Bill, on the basis that the Budget is unlikely to draw on past reserves.

//

Dr Tan said he and the council had also been given a detailed briefing by the Finance Ministry.

The President can veto Budgets that are likely to dip into reserves accumulated during a previous term of Government.

The green light from Dr Tan paves the way for the Supply Bill to become law. The Bill allows the ministries to meet their estimated spending for the financial year ending on March 31 2016.

The spending plans were approved in Parliament last Friday, after MPs spent nine days scrutinising the Government's and ministries' budgets.

"This is a Budget that invests in Singapore's future. The Budget includes considerable development spending on healthcare and transport, and measures to push on with the restructuring of our economy," Dr Tan wrote.

"The Government also introduced new programmes that would address the long-term needs of our people," he added.

These plans will see a rise in government spending of about 1 per cent of GDP. The Bill allows the Government to draw on no more than $76.9 billion from the Consolidated Fund and $30.8 billion from the Development Fund.