Singapore Unveils Extra $33.4Bln Stimulus Funds To Shield Economy From Coronavirus

Singapore's Finance Minister Heng Swee Keat announced on Thursday an additional stimulus package worth $33.4 billion to protect the economy from the impact of the coronavirus outbreak

MOSCOW (UrduPoint News / Sputnik - 26th March, 2020) Singapore's Finance Minister Heng Swee Keat announced on Thursday an additional stimulus package worth $33.4 billion to protect the economy from the impact of the coronavirus outbreak.

The money comes on top of $4.5 billion in "stabilization and support" funds set aside last month.

"Today, I will introduce measures worth over 48 billion [Singapore] Dollars [$33.4 billion] in the resilience budget to deal decisively with the situation ahead," the minister said in parliament.

The extra money will be used to save jobs, support workers, help companies deal with short-term challenges, and strengthen economic and social resilience.

The total crisis spending will thus be around 55 billion Singapore dollars, amounting to 11 percent of the nation's gross domestic product. Up to 17 billion Singapore dollars will be drawn from the country's "rainy day" reserves.

The Southeast Asian economy shrank 10.6 percent in the first quarter of 2020, compared to last year. The minister said this would likely be the worst economic contraction since the city-state gained independence from Malaysia 55 years ago.