18 Feb '11, 8am

Budget 2011: Govt to put back S$4b into past reserves: SINGAPORE : The government will put back into past reserv...

Budget 2011: Govt to put back S$4b into past reserves: SINGAPORE : The government will put back into past reserv...

SINGAPORE : The government will put back into past reserves the S$4 billion that it had drawn earlier for the Resilience Package. The money was drawn to fund the Jobs Credit Scheme and the Special Risk-Sharing Initiative under the Resilience Package. It was meant to help Singaporeans cope with the global financial crisis. The government had planned to draw S$4.9 billion from past reserves but eventually used less than expected. Finance Minister Tharman Shanmugaratnam said the government does not have a legal or constitutional obligation to return the amount drawn. But he said it was the responsible and prudent thing to do once a government has secured a stable fiscal position within its term. Mr Tharman added that this is in line with the government's philosophy of building up and maintaining its reserves to meet strategic needs. The strong growth last year also benefited ...

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

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