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SINGAPORE – President Halimah Yacob on Monday (May 25) said she 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, Madam Halimah 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.
The coronavirus crisis is unprecedented, she said, and the situation remains volatile, with significant uncertainties in global economy.
“Lives and livelihoods continue to be at stake. It is critical that we re-open safely, so economic activities will remain slow even as we try to restart them,” she said.
“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.”
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