It’s been over a year since the coronavirus emerged, but it’s still threatening our health and livelihoods.
Even if we manage to stamp out the virus with the aid of vaccines, the devastating effects of the pandemic on the economy could be felt for many more years.
Fortunately for us, the government has been setting aside money for such a crisis. And just like last year, they’re using it to fight Covid-19 again.
$11 Billion from Past Reserves to be Drawn for COVID-19 Resilience Package
Yesterday (16 March), President Halimah Yacob gave her assent to the Supply Bill 2021, formally approving the draw of up to $11 billion from past reserves to fund the COVID-19 Resilience Package.
The president announced the move in a post on Facebook.
In her post, Madam Halimah said this would help safeguard public health and allow the country to re-open safely, as well as support workers, businesses, and the worst-hit sectors of our economy.
She noted that this is the first time in Singapore’s history that it’s been forced to draw on past reserves in two consecutive financial years.
“Managing a pandemic of such a scale necessitates more resources to mitigate a plunge in our economy”, she said.
Still, Singapore has always been well-prepared for such a crisis.
“Fortunately for us, our Reserves framework provides for us to tap on Past Reserves in such a scenario, so that the Government can continue to take decisive actions in cushioning the impact of the pandemic on our people.”
Despite the challenges ahead, the president remained optimistic about the future.
“While the outlook is still uncertain, I am confident that if we continue to stay united as one, Singapore will come through this crisis stronger and ready for the future”, she wrote.
COVID-19 Resilience Package Includes Vaccinations & Jobs Support Scheme
So, what will the Covid-19 Resilience Package actually achieve?
Well, according to Deputy Prime Minister Heng Swee Keat, the package has three main aims:
- Safeguarding public health and re-opening safely
- Supporting workers and businesses where needed
- Supporting sectors that are still under stress
For the first objective, $4.8 billion will be allocated towards public health and safe re-opening measures.
This includes vaccinations and maintaining precautionary measures.
As for supporting workers and businesses, the Jobs Support Scheme (JSS), SGUnited Jobs and Skills Package, and Covid-19 Recovery Grant will all be extended.
Hundreds of millions of dollars will also be pumped into the worst-hit sectors, such as the aviation industry, the land and transport sector, as well as the arts, culture, and sports sector.
Featured Image: Halimah Yacob (Facebook)
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