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SINGAPORE – President Halimah Yacob has given her assent for the Government to tap on the Republic’s reserves for a substantial assistance package to deal with the coronavirus outbreak – an extraordinary move to deal with what she called an unparalleled and unprecedented crisis.
In a message read out in Parliament by Speaker Tan Chuan-Jin, Madam Halimah said she has given her “in-principle support” for the draw – which is before the House for debate.
Such a draw on the national reserves to fund special Budget measures, has only happened once before in Singapore’s history – during the 2009 global financial crisis, when then-President S R Nathan approved a draw of $4.9 billion to fund support measures.
This draw will fund a second tranche of support measures to deal with the Covid-19 pandemic, which will be outlined by Deputy Prime Minister Heng Swee Keat in Parliament on Thursday (Mar 26).
It comes after an initial $4 billion package announced by Mr Heng during the Budget last month.
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