Singapore President, Halimah Yacob has given her in-principle support for the Government to draw on the nation's reserves for a fourth support package to help businesses and people cope with the economic fallout from the Covid-19 pandemic.
In a Facebook post, Halimah Yacob said Deputy Prime Minister Heng Swee Keat and his team of ministers had briefed her and the Council of Presidential Advisers (CPA) last week on the fourth Covid-19 support package.
"This is the fourth Budget within two months into the new financial year, and the second time past reserves are tapped for the Government's Covid-19 response," she said.
Halimah Yacob further shared, "Having deliberated and considered the recommendation of the CPA, I am satisfied that the fourth support package is necessary to ensure a safe transition to this new normal for Singapore."
Naming the fourth Covid-19 support package the "Fortitude Budget", Heng Swee Keat said jobs will be a key part.
He further adds, “The upcoming Budget will also provide additional support for social sector agencies, so they can continue to help the vulnerable among us and better mobilize Singaporeans to contribute their time and monies as the pandemic continues.”
The Singapore Government had earlier announced three Covid-19 support packages amounting to $63.7 billion, which were rolled out between February and April.
Measures included the Jobs Support Scheme, which subsidizes wages for local workers, and direct cash transfers such as the $600 Solidarity Payment.
The first Unity Budget delivered on Feb 18 saw $6.4 billion set aside to support businesses, workers and families affected by the coronavirus.
On March 26, Mr. Heng added $48.4 billion to the effort in a supplementary Resilience Budget.
On April 6, he announced a further $5.1 billion under the Solidarity Budget to enhance and extend several support measures.
Another $3.8 billion was announced this month to extend some of the support measures for another four weeks of the circuit breaker.