SINGAPORE — Singapore is not 'oversaving' — in fact, the national reserves are growing at a rate that is 'barely keeping pace' with economic growth, said Deputy Prime Minister Lawrence Wong.
SINGAPORE — Singapore is not"oversaving" — in fact, the national reserves are growing at a rate that is"barely keeping pace" with economic growth, said Deputy Prime Minister Lawrence Wong.
There have been calls by opposition parties for the Government to increase the proportion of the NIRC that can be used for recurring expenditure needs. "Well, the ministers overseeing the finances of the Government, which means the minister for finance and there’s a small team who are also involved and the PM will know this," Mr Lee said.
“When we first decided to lock away the reserves and introduce the elected President, we had not given a lot of thought to how to treat the income from the reserves, and we did not really have a very clear distinction between income from the reserves and investment returns," said Mr Lee. “Sometimes we think that the reserves are there only for future emergency,” said Mr Wong in his CNA interviews. “But in fact, the reserves are also an endowment providing for today’s needs and all of us are benefiting from it right now.”
Singapore first tapped its reserves in 2009, taking out S$4.9 billion to support the economy through the global financial crisis. Over a decade later, it drew on the reserves on three separate occasions during the Covid-19 pandemic between 2020 and 2022 — using about S$40 billion in all.
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