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Singapore is considering tapping its past reserves as it puts together a second relief package amid the deadly coronavirus outbreak. If it makes the move, it will be the second time the government has drawn on the reserves, with the first instance occurring in 2009, when it used them to cushion the effects of the global financial crisis.
Finance Minister Heng Swee Keat said Wednesday that the enhanced package would provide support for small and medium-sized enterprises as well as target self-employed workers.
The announcement came just weeks after Heng, who is also Singapore’s deputy prime minister, announced an initial $6.4 billion financial package to help Singapore weather the coronavirus storm.
That package comprised $800 million for health care, $4 billion for businesses and workers, and another $1.6 billion going to households to tide them over.
The second economic stimulus would come just as a general election is imminent, following the release of freshly drawn electoral zones on Friday.
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