Singapore announces fourth stimulus package against COVID-19

Deputy Prime Minister and Finance Minister of Singapore Heng Swee Keat on May 26 announced another 33 billion SGD (23.2 billion USD) supplementary budget, aimed primarily at helping workers and businesses to tide over the COVID-19 crisis and the bleak economic outlook ahead.

27, May. 2020

frank6655 from Pixabay
frank6655 from Pixabay

SINGAPORE, VNA - Deputy Prime Minister and Finance Minister of Singapore Heng Swee Keat on May 26 announced another 33 billion SGD (23.2 billion USD) supplementary budget, aimed primarily at helping workers and businesses to tide over the COVID-19 crisis and the bleak economic outlook ahead.

Keat said the Fortitude Budget, the fourth in less than four months, sets aside 2.9 billion SGD to extend job protection, including enhancements to the Job Support Scheme that co-pays salaries to help firms retain workers.

It also provides for the 3.8 billion SGD that went towards measures announced on April 21 to tide Singaporeans over the four-week extension to the 'circuit breaker' to control the spread of coronavirus by limiting people's movements.

The Government will also step up public services and recruit more workers to meet long-term demand for preschool education and health care.

Of the total four stimulus packages, the Singaporean Government has so far earmarked 92.9 billion SGD, or 19.2 percent of the country’s gross domestic product, in order to cope with the COVID-19 impact. - VNA