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Singaporean Gov’t allowed to borrow 90 bln SGD for national infrastructure

A new bill introduced on April 5 is expected to pave the way for the Singaporean Government to pay for major national infrastructure projects through borrowing.
Singaporean Gov’t allowed to borrow 90 bln SGD for national infrastructure ảnh 1The financial district of Singapore (Photo: AFP/VNA)
Singapore (VNA) - A new bill introduced on April 5 is expected to pave the wayfor the Singaporean Government to pay for major national infrastructureprojects through borrowing.


The proposedSignificant Infrastructure Government Loan Act (Singa) will allow theGovernment to borrow up to 90 billion SGD (67 billion USD) to pay for infrastructure projects that willlast for at least 50 years.

Deputy Prime Minister Heng Swee Keat said in a Facebook post shortlyafter he tabled the draft law, which will be debated when Parliament sits nextmonth, that Singa will allow the Government to borrow to finance nationallysignificant infrastructure that is critical for long-term development.

Singapore lastborrowed for infrastructure in the 1970s and 1980s, to pay for the largeupfront costs of building Changi Airport as well as the first MRT lines. By the1990s, with the economy growing rapidly, the Government paid for infrastructurein full from its revenue./.

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