Original article

More caught for meeting others from different households

Jun 05, 2020 | 🚀 Fathership
SINGAPORE - About 80 per cent of the nearly $100 billion set aside to tackle the coronavirus pandemic will be used to support businesses and help workers keep their jobs.

The $33 billion Fortitude Budget, which Mr Heng announced last month, is Singapore's fourth Budget in less than four months, as the country continues to battle the coronavirus pandemic.

In February, the Government rolled out the $6.4 billion Unity Budget, followed by the $48 billion Resilience Budget in March.

In his speech, Mr Heng said such government intervention has become the cornerstone of the Covid-19 response.

Mr Heng said the Covid-19 pandemic has shocked both the demand and supply sides of the global economy, and will continue to disrupt lives until a suitable vaccine or treatment is found.

Mr Heng said the International Monetary Fund has projected that the global economy will shrink by 3 per cent even as growing geostrategic competition between the United States and China threatens to destabilise the global order.

Mr Heng said that is why the Government has channelled an enormous amount of resources to fighting the pandemic.

After adding the country's usual spending to the amount set aside for the Covid-19 response, the total size of Singapore's four Budgets this year stands at $193 billion.

Touching on the importance of ensuring resources are directed to the right areas, Mr Heng said "Design and implementation are critical", as it will enable people and the economy to rebound "Faster and stronger".

"Mr Heng said:"We are thus not reopening and going back to our familiar routines, but into a new, uncertain reality.