25 Aug '11, 7am

Conflicting accounts: past reserves drawn >27 times since 2002 , or only once in 2009? #sgpresident

SINGAPORE: Singapore's President S R Nathan said the approval process to draw down S$4.9 billion from past reserves was a rigorous one. Speaking in detail for the first time on Tuesday about his decision to give in-principle approval for the government to tap into past reserves, Mr Nathan said he and the Council of Presidential Advisers recognised the importance of giving full confidence and backing to the Budget measures as a speedy decision was needed to stem the tide of the economic downturn. Mr Nathan, who is the first Singapore elected president to use the second key to unlock past reserves accumulated by the Singapore government, emphasised that the Constitution does not prescribe the process for dealing with a request for using past reserves. All it spells out is the need for the president to consult the Council of Presidential Advisers and to publish his view when ...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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