Singapore Budget 2020: the list of promises

The government’s US$76 billion plan includes support for businesses, workers and households to cope with the coronavirus outbreak

Other measures include a cushion for an impending GST hike, incentives to hire midcareer workers, and a flood protection fund with an initial injection of US$3.6 billion

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Two women wearing protective face masks, amid concerns over the spread of the COVID-19 coronavirus, walk on the street in Singapore on February 14, 2020. Photo: AFP

Published: 1:30pm, 19 Feb 2020Updated: 2:54pm, 25 Feb 2020

With Singapore in the grip of a coronavirus outbreak and the economy expected to take a beating, Deputy Prime Minister Heng Swee Keat on Tuesday unveiled a “unity Budget” to help the city state weather the uncertainties ahead with a slew of measures for families, workers, elderly citizens and businesses.

The Singapore government’s S$106 billion (US$76 billion) plan comprised ministries’ expenditures, special transfers and fund top-ups, and included two packages totalling S$5.6 billion to help firms, workers and households cope with the outbreak crisis.

Writing on Facebook on Tuesday evening, Prime Minister Lee Hsien Loong said the 2020 Budget carried extra significance because it offered “critical support” for Singapore’s economy and its people during the virus outbreak.

“We are able to do this because of our fiscal prudence and discipline over many years. Together, we have put aside enough to cope with a rainy day like this,” he said.

Heng Swee Keat, Singapore’s finance minister, delivered the Budget speech on February 18, 2020. Photo: Bloomberg

In his Budget speech, which lasted more than two hours, Heng said Singapore would face more complex challenges in future and could succeed only if everyone worked together.