Setting out the grim economic outlook worldwide, Heng Swee Keat says the global economy is now facing both supply and demand shocks. (Photo: GOV.SG) Singapore (VNA) - Singaporean Deputy Prime Minister and Minister of Finance Heng Swee Keat on March 26 announced the government’s supplementary budget worth 48.4 billion SGD (33.7 billion USD) to cope with the COVID-19 pandemic.
The second stimulus package, called "Resilience Budget", would raise Singapore’s COVID-19 support package to nearly 55 billion SGD (38.4 billion USD), or 11 percent of its GDP.
The package will focuses on three areas: saving jobs, supporting workers and protecting livelihoods; helping enterprises overcome immediate challenges; and strengthening economic and social resilience.
The Singaporean government said it would draw up to 17 billion SGD from its reserves to fund the part of the package.
There will be more support for self-employed workers, help for fresh graduates and the unemployed to find jobs and more benefits for the unemployed.
Adult Singaporeans, who were to get a 100-300 SGD cash payout, will now get up to 900 SGD.
Industries that have been badly hit by the COVID-19 crisis, in particular aviation and tourism, will also get more support./.
VNA
