Third round of support measures in Solidarity Budget today, Latest Singapore News - The New Paper

Third round of support measures in Solidarity Budget today

This article is more than 12 months old

The Government will announce an unprecedented third round of support measures to help tide Singapore through the one month of Covid-19 "circuit breaker" distancing measures, Deputy Prime Minister Heng Swee Keat said yesterday.

Mr Heng, who is also Finance Minister, said the measures to support workers, businesses and households will be announced when Parliament sits this afternoon.

To be called the Solidarity Budget, the supplementary measures mark the first time that the Government has released three Budget statements in less than two months while tapping Singapore's reserves.

The supplementary measures also come as the enhanced measures, to break the chain of virus transmission, take effect this week that will result in all schools and most workplaces closing.

Mr Heng said the Covid-19 situation has taken a very sharp turn and strong measures have to be taken to protect lives. But the economy has taken a hit as a result.

"We must remain steadfast in the face of crisis and stand in solidarity with one another during these difficult times," he said.

"I am therefore naming this set of measures to tide us through the 'circuit breaker' the Solidarity Budget."

The new set of measures follows a nearly $55 billion package from the Feb 18 Unity Budget and March 26 Resilience Budget aimed at protecting jobs, helping enterprises with immediate challenges, and strengthening economic and social resilience so Singapore can emerge intact and stronger.

"Unity, Resilience, Solidarity - these values will come to define who we are as a people," said Mr Heng, who called the fight against Covid-19 the defining chapter of this generation.

"The bonds that bind us together will be forged and renewed in this crisis, much as how the turbulent years of Independence brought our founding generation together."

Mr Heng will deliver his ministerial statement at 2pm today, the Ministry of Finance said.