COVID-19 is not our first crisis, and certainly will not be the last. Successive generations have been building up strong reserves ahead of this crisis, and our past reserves have been critical in our fight against COVID-19.
As we dedicate spending to support our people and businesses through this difficult period, we must be careful not to squander what generations before us have painstakingly built up. We will continue to invest decisively on our national priorities, with a deep commitment to leave behind a better future for our children.
We start this new term of government from a challenging fiscal position.
- For this financial year, we expect operating revenues to be 16% lower than initial estimates presented at the Unity Budget in Feb 2020.
- Revenue collections are expected to fall across all categories of revenue.
- Expenditures, on the other hand, will rise.
This challenging fiscal position is a result of a global pandemic that no one could have predicted.
What is within our control is how we use our fiscal resources well to respond to this crisis, and to prepare for the future.
- Excerpt from DPM Heng Swee Keat's statement on 5 Oct
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