British Virgin Islands

Friday, Nov 27, 2020

Singapore Boosts Virus Package to 11% of GDP

Singapore Boosts Virus Package to 11% of GDP

Singapore delivered a second stimulus package of S$48 billion ($33 billion) to fight the coronavirus outbreak, drawing on national reserves for the first time since the global financial crisis to support an economy heading for recession.
Singapore plans a massive $33.2 billion package to tide its economy through the coronavirus outbreak.

To fund the new measures, the government will draw up to 17 billion Singapore dollars ($11.78 billion) from the country's reserves.

The exact amount of Singapore's reserves is a state secret, but various estimates have placed it at hundreds of billions in U.S. dollars.

This is only the second time that Singapore has dipped into its reserves.

The first time it did so was in 2009, during the global financial crisis, when the government drew 4.9 billion Singapore dollars ($3.40 billion).

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