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Singapore’s budget spending expected to hit 53.6 billion USD

The Singaporean Government’s budget spending is expected to increase 3.68 billion SGD to 75.07 billion SGD (over 53.6 billion USD) in financial year 2017 - the highest amount so far, said Finance Minister Heng Swee Keat.
Singapore’s budget spending expected to hit 53.6 billion USD ảnh 1Illustrative image (Source: AFP)
 

Singapore (VNA) - The Singaporean Government’s budget spending is expected toincrease 3.68 billion SGD to 75.07 billion SGD (over 53.6 billion USD) infinancial year 2017 - the highest amount so far, said Finance Minister HengSwee Keat.

Whiledelivering the budget statement for financial year 2017 in the Parliament onFebruary 20, Minister Heng said the budget spending will focus on restructuringthe economy in the medium term, resolving short-term challenges, and promoting socialassistance measures in the context of the country’s ageing population.

Accordingto the minister, Singapore will disburse 2.4 billion SGD to perform a four-yearstrategy to make its economy adaptable to changes in the world on the basis ofrecommendations put forth bythe Committee on the Future Economy (CFE), which has recently unveiled a set ofstrategies aimed at ensuring annual economic growth of 2-3 percent.

Additionally, the country will still focus onimplementing initiatives on industrial development, which were launched in 2016with a cost of 4.5 billion SGD.

A fund worth 600 million SGD will be set up to help domesticenterprises seek investment opportunities abroad and scaling up their business,he said.

Singapore will spend700 million SGD on public infrastructure projects in a bid to improve transportsystems, upgrade community clubs and sport facilities and facilitate people’saccess to public services.

To solve socialissues, the country will also allocate 1.4 billion SGD to assist enterprisesand labourers, as well as individuals, households and vulnerable groups throughinitiatives outlined by the Ministry of Manpower, which aim to increase wagesand providing vocational training  programmes,thus helping labourers adapt to changes related to economic restructuring.

Despite anincrease in the budget spending, Minister Heng said the budget is projected toenjoy a surplus of 1.9 billion SGD in financial year 2017, equivalent to 0.4 percentof the gross domestic product (GDP), lower than the surplus of 5.2 billion SGDin financial year 2016.-VNA

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