Singapore unveils stimulus package to boost economy

Source: Xinhua | 2020-03-27

Singapore announced here on Thursday that it would allocate 48.4 billion Singapore dollars (33.79 billion U.S. dollars) to support businesses, workers and families in response to the unprecedented crisis caused by the coronavirus pandemic.

This comes on top of the 6.4 billion Singapore dollars (4.45 billion U.S. dollars) in measures that it announced just over a month ago to cushion the fallout from the COVID-19 outbreak.

In all, Singapore is dedicating nearly 55 billion Singapore dollars (38.24 billion U.S. dollars) to combat the coronavirus, accounting for 11 percent of its GDP, Deputy Prime Minister and Minister for Finance Heng Swee Keat said on Thursday when he unveiled the Supplementary Budget.

Heng revealed specific measures to help people stay employed, support the self-employed, unemployed and low-income workers, and provide job opportunities and training, including the Jobs Support Scheme, a new Self-Employed Person Income Relief Scheme, the Workfare Special Payment, about 10,000 new jobs, and fund for the unemployed.