Global crisis and recession 4 Economic situation and prognosis for Singapore 7

Resilience Package: Five components

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Resilience Package: Five components

9. The Resilience Package of $20.5 billion for FY2009 will have five components:

  • First, jobs for Singaporeans. We will spend $5.1 billion to help preserve jobs.

  • Second, stimulating bank lending. We expect to extend $5.8 billion in government capital for a Special Risk-Sharing Initiative (SRI). Of this, a small fraction is likely to be eventually expended on provisions for loan losses.

  • Third, enhancing business cash-flow and competitiveness. We will implement tax measures and grants for businesses that will cost $2.6 billion.

  • Fourth, supporting families. We will spend $2.6 billion to support Singaporean households this year. This is on top of the benefits they will derive from the measures to preserve jobs.

  • Fifth, building a home for the future. We will spend $4.4 billion on developing first class infrastructure for the island and on expanded provisions for education and healthcare.
10.These amounts are what the Package will spend this year. We will front-load some of the measures, beginning in March 2009. Certain measures will also stretch beyond 2009 and will therefore have an impact on future budgets, on top of the $20.5 billion package this year.
11.Together these initiatives will mean a significantly expansionary Budget in the financial year 2009. The Basic Balance is expected to be in deficit by 6% of GDP in FY2009 (before accounting for NIR or transfers to endowment and trust funds). This is the largest deficit the Government has budgeted for to-date.

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