SINGAPORE — Discussions on deciding to draw down on Singapore’s reserves during the Covid-19 pandemic were robust and intense, said outgoing President Halimah Yacob said in an interview with CNA which will be broadcast on Sept 12.
Discussions on deciding to draw down on Singapore’s reserves during the Covid-19 pandemic were robust and intense, said outgoing President Halimah Yacob said in an interview with CNA which will be broadcast on Sept 12.
The discussions on the reserves took place when social distancing measures had to be observed. This meant that half of the Council of Presidential Advisers and ministry officials had to be in separate rooms, and they would join the meeting via Zoom, Mdm Halimah shared. “The question is whether our health facilities, our economy, our people are able to go through... such a severe disruption and we are able to come out intact,” she said, adding that while Singapore had experience with Sars, the Covid-19 situation unfolding every day looked more and more grave.
“This is a double whammy, both health and in economic crisis, and clearly established that there is a need for us to pull down from the past reserves because the government’s current reserves not sufficient to run the programs, build the facilities, buy the ART kits, support the vaccine program and so on,” she added.
“So once we’ve established that, then we go to the second part, and that is the question of how much to draw down. And that is for the government then to justify, to say we need this amount, these billions of dollars for these purposes and these programs, and the programs are then all itemised,” said Mdm Halimah.
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