Singapore to tap reserves for $30 billion in new virus support measures
© Reuters. Passers-by hold their mobile phones as people take a selfie photo using a smartphone, with Singapore’s central business district skyline, in Singapore
SINGAPORE (Reuters) – Singapore on Thursday unveiled more than $30 billion in new measures to help businesses and households brace against the coronavirus pandemic which threatens to push the bellwether economy into a deep recession.
The new plans amounting to around S$48 billion ($33 billion) will see the government dip into its national reserves for the first time since the global financial crisis.
It comes just weeks after the city-state announced earlier several multi-billion dollar virus-fighting plans in its annual budget.
Singapore has won global plaudits in its two-month long battle with the virus, but a recent surge in infections has forced authorities to close its borders and entertainment venues in moves that are battering firms across the travel and finance hub.
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