Singapore to tap reserves for $30 bln in new virus support measures

SINGAPORE (Reuters) – Singapore on Thursday unveiled more than $30 billion in new measures to help businesses and households brace against the coronavirus pandemic which threatens to push the bellwether economy into a deep recession. The new plans amounting to around S$48 billion ($33 billion) will see the government dip into its national reserves for the first time since the global financial crisis. It comes just weeks after the city-state announced earlier several multi-billion dollar virus-fighting plans in its annual budget. Singapore has won global plaudits in its two-month long battle with the virus, but a recent surge in infections has forced authorities to close its borders and entertainment venues in moves that are battering firms across the travel and finance hub.

Written by ideasexplorer

An incurably curious mind that loves to learn about culture, society, history, the environment, and so much more! Join me in exploring the ideas of yesterday, today, and tomorrow!

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