“If we don’t have anything going back into the reserves, the value of the reserves will diminish over time,” says DPM Wong in the CNA series Singapore Reserves Revealed.
In its 2022/23 annual report released last month, GIC said its 20-year annualised real rate of return came in at 4.6 per cent for the year ended Mar 31. This was up fromin the previous financial year, and its highest since 2015 when real returns hit 4.9 per cent.
"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. “You could say nothing is forever. That is true. But when you have made a commitment, I will not come back and reopen the subject the next day.”
“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.
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