Forum: Don’t take our national reserves for granted
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The effects of the Iran war are being felt here in Singapore, with the impact most acutely experienced by motorists in the form of higher petrol and diesel prices.
Some countries have introduced measures such as shortening the working week, considering enforcing work from home and even declaring a state of energy emergency. Singapore has not needed yet to implement such drastic measures and hopefully will not have to.
This is largely due to our energy reserves built up during times of stability, which we can draw from in times of crisis. The minimal disruption to our workforce and day-to-day activities is a display of resilience which reinforces the confidence that businesses and investors have to establish their presence here.
The Government has constantly assured citizens and businesses that it is ready to intervene if prices escalate. The central bank is mitigating the impact of imported inflation through monetary policy by managing the Singapore dollar exchange rate.
This combined effort across agencies and the trust that Singapore has in its institutions are significant in times like these. On the international front, Singapore has recently signed an agreement with Australia to keep fuel supplies moving. This is remarkable given that Singapore is a net-zero producer of oil.
We should not take our national reserves for granted, be they fiscal, food, water or energy supplies. We should continue to strengthen our reserves, diversify import sources and build on self-sustaining capabilities as we do not know when or which supply lines will be challenged next.
Samuel Choo
