Halimah - the rubber-stamper

[LITTLEREDDOT]

Halimah is so clever; can give in-principle approval so fast.
Wonder what probing questions she asked?
"Eh, which is the income statement and which is the balance sheet?"


Budget 2021: Expected deficit of S$11 billion; Government to draw on reserves for 2nd straight year

The Treasury, where the Public Service Division is headquartered. (Photo: Wikipedia)
By Cheryl Lin@CherylLinCNA
16 Feb 2021

SINGAPORE: To sustain economic relief amid an unprecedented pandemic, the Government will draw on its past reserves for a second consecutive year, said Deputy Prime Minister Heng Swee Keat on Tuesday (Feb 16).

This will fund the S$11 billion COVID-19 Resilience Package in Budget 2021, which is needed to tackle the immediate challenges that the pandemic presents, said Mr Heng in Parliament, adding that the measures are “extraordinary and temporary”.

The sum represents about 2.2 per cent of the country’s gross domestic product, and its resultant measures will “impart a considerable fiscal boost to the economy”, noted Mr Heng, who is also Finance Minister.

He added that President Halimah Yacob has given her in-principle support for the proposed draw of up to $11 billion on past reserves for the financial year 2021.

“We are extremely fortunate to be able to tap on our strategic assets and deploy the resources required to deal decisively with COVID-19 and the considerable uncertainties that lie ahead. We should never take our reserves for granted,” said Mr Heng.

Despite the package, the overall amount the Government expects to draw from the reserves will only rise by S$1.7 billion, totalling up to S$53.7 billion for FY2020 and FY2021. This is because the estimated S$52 billion fenced off last year for the crisis will not be fully utilised, Mr Heng said.

The Government expects to use S$42.7 billion of the S$52 billion, leading to a S$9.3 billion balance which offsets the sum for the S$11 billion COVID-19 Resilience Package.


“With the effective response of our people and businesses in adapting to the changing situation, we have been able to bring the pandemic largely under control. Hence, our requirements for some areas such as public health turned out to be lower than what was provided for,” he said.

RECOVERING FROM COVID-19 DETERMINES LONG-TERM SUCCESS

Mr Heng also cautioned that how Singapore recovers from COVID-19 in the next few years is critical, as it will determine the country’s long-term success.

That is why beyond dealing with its immediate impact, Singapore is also making “significant investments” to capture future growth in line with structural trends, he said.

“We expect that as the economy recovers, we will be able to balance our budgets, and our revenues will be able to support projected expenditure for these measures.”

But this assessment assumes that the global pandemic will come under control by next year, he said, while warning about a “wide cone of uncertainty”.

“Even if the economic and fiscal situation turns out to be worse than expected, we must still press on to invest in new areas, so as to ride on the structural changes, transform and emerge stronger as an economy, and as a people.

“Should the public health and economic situation deteriorate, and the need arise, the Government will seek the President’s consideration for the use of past reserves to support these economic investments,” he said.

He noted that Madam Halimah has been briefed on the Government’s strategy and contingency plan. Mr Heng said she expressed her “understanding towards the Government’s approach” and will consider their specific proposals, should there be a need to draw on past reserves.

He also emphasised the need for fiscal prudence and discipline, saying that the Government must “return to running balanced budgets” beyond this crisis.

 

[LITTLEREDDOT]

Did she ask: "how much of our reserves are left?"

President Halimah Yacob approves Budget

President Halimah Yacob consulted the Council of Presidential Advisers before giving her assent to the Supply Bill.
PHOTO: HALIMAH YACOB/FACEBOOK

Tham Yuen-C
Senior Political Correspondent

MAR 16, 2021

SINGAPORE - President Halimah Yacob on Tuesday (March 16) formally approved the draw of up to $11 billion from past reserves to fund measures needed to fight Covid-19, saying that this would allow Singapore to support workers and businesses as it works towards reopening safely amid the pandemic.

In a Facebook post announcing her approval of the Government's Budget, she added: "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."

The Government's spending plans were approved in Parliament on March 8, after MPs spent nine days scrutinising the Government's and individual ministries' budgets. This comprised $107 billion of spending in total for the 2021 financial year.

Noting that this is the first time Singapore has had to draw on past reserves in two consecutive financial years, the President said: "Managing a pandemic of such a scale necessitates more resources to mitigate a plunge in our economy.

"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."

The $11 billion will go towards funding the Covid-19 Resilience Package, which covers public health and safe reopening measures, including vaccination, continued support for firms and workers, and targeted support for worst-hit sectors such as aviation.

Together with the amount approved last year, the total draw on the reserves will come to $53.7 billion.

President Halimah said she had consulted the Council of Presidential Advisers before giving her assent to the Supply Bill.

She had also taken into consideration the detailed briefing in January on the Budget by Deputy Prime Minister Heng Swee Keat and the Ministry of Finance, and had exercised her discretionary power provided for under the Constitution, she added.

Her assent paves the way for the Supply Bill to become law, and it will control how much the Government is allowed to spend, and on what, in the financial year.

 

[LITTLEREDDOT]

Did she asked: "Can I finally know what is our reserves?"

President Halimah assents to law that lets Government borrow for major infrastructure​

As custodian of the country's past savings, all proposals on borrowing must be carefully scrutinised by President Halimah Yacob.PHOTO: HALIMAH YACOB/FACEBOOK

Tham Yuen-C
Senior Political Correspondent

June 7, 2021

SINGAPORE - President Halimah Yacob has given her approval for a law that will allow the Government to borrow for major long-term infrastructure, the first time such loans will be allowed since the framework for protecting Singapore’s reserves was established in 1991.
As custodian of the country's past savings, all proposals on borrowing must be carefully scrutinised by President Halimah, and the Government can raise loans only after she has given the nod.
"This is a prudent and considered approach. Borrowing obliges future generations to make good what the current generation has committed to, failing which, the burden naturally falls on our past reserves," she said after she gave her assent to the Bill for the Significant Infrastructure Government Loan Act (Singa) on Monday (June 7).
Under the new law passed by Parliament in May, the Government will be able to borrow up to $90 billion to pay for infrastructure that will last for at least 50 years.
The annual interest threshold of such borrowings cannot exceed $5 billion, and each project funded under the law must be sizeable and cost at least $4 billion.
Describing Singa as an "important waypoint" under the reserves protection framework, Madam Halimah said the law will allow the Government to distribute fiscal responsibility more equitably across the generations who will benefit from the projects.



"I am glad that parliamentarians had a robust debate during last month's second reading of the Singa Bill," she added.
Explaining her decision to give her assent, she said the Government had briefed her and the Council of Presidential Advisers on the proposal, and assured her that there would be safeguards to make sure the borrowing is done in a sustainable and responsible manner so that future generations of Singaporeans will not be saddled with overly onerous financing costs.
The President noted that this is important as it would help to mitigate the risk of future draws on Singapore's past reserves due to such borrowings.
"Singapore has, thanks to the wisdom of past leadership and good governance, accumulated our national reserves over many past generations. We similarly owe it to our future generations to steward these reserves responsibly," she added.

During the debate on the law in Parliament in May, Deputy Prime Minister Heng Swee Keat, who was also Finance Minister then, said Singapore was embarking on a "generational upgrade" to its infrastructure over the next 15 years, and borrowing to pay for the major infrastructure projects will help to smooth out the hump expected in development spending.
With major highways, the Cross Island and Jurong Region MRT lines, and climate adaptation structures in the works, Singapore expects its yearly development expenditure to rise to around 5 per cent of gross domestic product, compared with the current base line of 3.7 per cent.
Singa will help to lower the yearly figure to 4.2 per cent for the next decade.

Madam Halimah said that borrowing for development spending was not new.
In the 1960s and 1980s, when Singapore lacked the resources for rapid development as a young nation, borrowing was "the only way for our finances to keep pace with our ambitions".
Even as Singapore protects its past reserves so future generations can also benefit, stewardship also means planning for the future, she said.
"The best gift to future generations is to start building a solid foundation now. Only then will we be able to maintain the momentum of Singapore's long-term development," she added.
"Therefore, let us invest in a better Singapore for all, so that together we can create a brighter future for everyone."

 

[bobby]

Some one should just remind her that this is not a Courts Hire Purchase agreement....

 

[LITTLEREDDOT]

Some one should just remind her that this is not a Courts Hire Purchase agreement....

Repayments in instalments, the m&ds' favourite way of financing to make ends meet.

 

[LITTLEREDDOT]

President Halimah and President Xi reaffirm S'pore-China ties​

(From left) Foreign Minister Vivian Balakrishnan, President Halimah Yacob and Senior Minister of State for National Development and Foreign Affairs Sim Ann, during a bilateral meeting with Chinese President Xi Jinping, at the Great Hall of The People in Beijing, on Feb 6, 2022. PHOTO: XINHUA

Elizabeth Law
China Correspondent

Feb 6, 2022

BEIJING - Singapore President Halimah Yacob and her Chinese counterpart Xi Jinping on Sunday (Feb 6) agreed to continue upgrading bilateral relations and welcomed the signing of a memorandum of understanding (MOU) that will further cooperation in giant panda research, said a statement from Singapore's Ministry of Foreign Affairs (MFA).
Madam Halimah met Mr Xi at the Great Hall of The People on the last day of her working visit to Beijing, which included attending the opening ceremony of the Winter Olympics last Friday.
Both leaders reaffirmed the excellent state of bilateral relations, which they said maintained a positive momentum, even during the Covid-19 pandemic. They added that both governments should "step up collaboration in existing areas of cooperation", including the three inter-government projects in Suzhou, Tianjin and Chongqing.
They also welcomed more cooperation in areas like the digital economy, the green economy and smart cities.
"(The leaders) also discussed the importance of strengthening people-to-people ties, and looked forward to the full resumption of air connectivity and people-to-people exchanges when conditions permitted," the statement said.
A Chinese Foreign Ministry read-out of the meeting said Mr Xi called on both sides to leverage each other's strengths to achieve "win-win cooperation".
"The Singaporean side is welcome to rely on the local cooperation mechanism established with Chinese provinces and cities to play a greater role in China's dual circulation economy," he said.

​

Singapore has eight provincial business and economic councils - with Sichuan, Shandong, Liaoning, Zhejiang, Tianjin, Guangdong, Jiangsu and Shanghai.
During the meeting, both leaders also unveiled the name of a student hostel built in the remote Anzi Town in Chongqing to mark the 30th anniversary of bilateral relations.
Madam Halimah noted that the hostel symbolised the "strong friendship between our peoples and the importance that both countries attached to education", said the MFA statement.
"Zhixinlou", which translates to "understanding and learning more about Singapore", can house over 100 students, significantly reducing travel time for students living in rural areas who previously had to trek hours just to attend school.
It was built using funds raised by the Singapore Chamber of Commerce and Industry in China, and Singapore's foreign missions in China, and has been in use since January 2021.
The MFA statement also announced a new MOU signed between Singapore's Ministry of Trade and Industry and China's National Forestry and Grassland Administration promoting further exchange and knowledge sharing between both sides in the management and conservation of giant pandas.

 

[blackmondy]

President Halimah and President Xi reaffirm S'pore-China ties​

(From left) Foreign Minister Vivian Balakrishnan, President Halimah Yacob and Senior Minister of State for National Development and Foreign Affairs Sim Ann, during a bilateral meeting with Chinese President Xi Jinping, at the Great Hall of The People in Beijing, on Feb 6, 2022. PHOTO: XINHUA

Elizabeth Law
China Correspondent

Feb 6, 2022

BEIJING - Singapore President Halimah Yacob and her Chinese counterpart Xi Jinping on Sunday (Feb 6) agreed to continue upgrading bilateral relations and welcomed the signing of a memorandum of understanding (MOU) that will further cooperation in giant panda research, said a statement from Singapore's Ministry of Foreign Affairs (MFA).
Madam Halimah met Mr Xi at the Great Hall of The People on the last day of her working visit to Beijing, which included attending the opening ceremony of the Winter Olympics last Friday.
Both leaders reaffirmed the excellent state of bilateral relations, which they said maintained a positive momentum, even during the Covid-19 pandemic. They added that both governments should "step up collaboration in existing areas of cooperation", including the three inter-government projects in Suzhou, Tianjin and Chongqing.
They also welcomed more cooperation in areas like the digital economy, the green economy and smart cities.
"(The leaders) also discussed the importance of strengthening people-to-people ties, and looked forward to the full resumption of air connectivity and people-to-people exchanges when conditions permitted," the statement said.
A Chinese Foreign Ministry read-out of the meeting said Mr Xi called on both sides to leverage each other's strengths to achieve "win-win cooperation".
"The Singaporean side is welcome to rely on the local cooperation mechanism established with Chinese provinces and cities to play a greater role in China's dual circulation economy," he said.

​

Singapore has eight provincial business and economic councils - with Sichuan, Shandong, Liaoning, Zhejiang, Tianjin, Guangdong, Jiangsu and Shanghai.
During the meeting, both leaders also unveiled the name of a student hostel built in the remote Anzi Town in Chongqing to mark the 30th anniversary of bilateral relations.
Madam Halimah noted that the hostel symbolised the "strong friendship between our peoples and the importance that both countries attached to education", said the MFA statement.
"Zhixinlou", which translates to "understanding and learning more about Singapore", can house over 100 students, significantly reducing travel time for students living in rural areas who previously had to trek hours just to attend school.
It was built using funds raised by the Singapore Chamber of Commerce and Industry in China, and Singapore's foreign missions in China, and has been in use since January 2021.
The MFA statement also announced a new MOU signed between Singapore's Ministry of Trade and Industry and China's National Forestry and Grassland Administration promoting further exchange and knowledge sharing between both sides in the management and conservation of giant pandas.

Reaffirm simi lanjiao ties ? Cable-ties ?

 

[LITTLEREDDOT]

President Halimah briefed on impact of Covid-19, climate change on investment returns in lead up to Budget 2022​

President Halimah Yacob was briefed by Finance Minister Lawrence Wong and other officials on Nov 29, 2021. PHOTO: HALIMAH YACOB/FACEBOOK

Tham Yuen-C
Senior Political Correspondent

NOV 30, 2021

SINGAPORE - Work to prepare for next year's government Budget has begun.
President Halimah Yacob was briefed on Monday (Nov 29) by Finance Minister Lawrence Wong and other officials on the expected long-term real rates of return on Singapore's assets, with a focus on how Covid-19 and climate change will affect the investments.
This projection is important because it affects how much of the reserves the Government can include in its annual Budget for current needs.
The Budget is traditionally presented in Parliament by the Finance Minister in mid-February, but planning and consultation begin several months earlier.
In a Facebook post on Monday, President Halimah said that she had met Mr Wong and officials from the Ministry of Finance to discuss the Government's spending limit under the Net Investment Returns framework.
Senior representatives from GIC, the Monetary Authority of Singapore (MAS) and Temasek were also present.
Under the framework, the Government is allowed to take into the Budget up to 50 per cent of the expected long-term real returns on net assets invested by GIC, MAS and Temasek, after deducting liabilities such as government bonds. The three entities manage Singapore's reserves.

Madam Halimah added that greater attention was paid this year to the long-term effects of Covid-19 and climate change on the investments, and how these events would impact how the expected long-term real rates of return are derived.
"I am satisfied that our agencies are looking closely into these issues," said President Halimah, who holds the second key to past reserves in her custodial role.
As with previous such meetings, she had also discussed with Mr Wong and the officials the global economic outlook, as well as the methodologies and basis on which the projections were derived and certified by the respective boards of the three entities.
President Halimah has referred the proposal to the Council of Presidential Advisers for its advice. She said she would give the Government her response after the Council has given its input, adding: "With my concurrence, the Government can subsequently apply these rates to its relevant assets, to derive the Net Investment Return Contribution for use in Budget 2022."
The Net Investment Return Contribution has been the single largest contributor to government coffers, overtaking corporate and personal income tax.
For the 2021 financial year, it is expected to bring in some $19.6 billion - close to 20 per cent of the $107 billion Budget.
Ministers have said the framework allows for a stable, sustainable source of income for the Budget, smoothed out over market cycles.

 

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Two drug traffickers scheduled to be hanged granted respite by President Halimah Yacob​

The stay came even as lawyers for the two drug traffickers filed a fresh court challenge against their death sentences. ST PHOTO: KUA CHEE SIONG

Selina Lum
Senior Law Correspondent

Feb 18, 2022

SINGAPORE - A pair of drug traffickers who were originally scheduled to be hanged on Wednesday (Feb 16) were granted a respite by President Halimah Yacob, putting off their executions for an unstated length of time.
The stay came even as lawyers for Singaporean Roslan Bakar, 51, and Malaysian Pausi Jefridin, 37, filed a fresh court challenge against their death sentences after the Court of Appeal had dismissed two earlier last-ditch attempts in as many days. They were convicted in 2010.
The respite order was made under Article 22P(1) of the Constitution and Section 313(h) of the Criminal Procedure Code.
Article 22P(1) states that the president may, on the advice of the Cabinet, grant to any convicted offender any reprieve or respite, either indefinitely or for such period as the president may think fit, of the execution of any sentence pronounced on the offender.
Section 313(h) provides that the president may, before the court's warrant for the death sentence is carried out, order a respite of the execution of the warrant and afterwards appoint some other time or other place for its execution.
The respite granted by President Halimah does not amount to a pardon.
Lawyers for Roslan and Pausi had filed two eleventh-hour court applications, one after another, to stave off their executions.

​

The first application, asking the Court of Appeal to review its 2018 decision to uphold the pair's death sentences, was dismissed on Tuesday.
The second application, to start judicial review proceedings to declare that the death sentences were unconstitutional, was dismissed on Wednesday.
In both bids, lawyer Charles Yeo contended that Roslan and Pausi were intellectually disabled.

After both last-ditch efforts failed, another of their lawyers, Ms Violet Netto, filed a third application.
This latest application sought a declaration that the manner in which the death penalty is administered in Singapore was unconstitutional.
It was scheduled to be heard on Thursday but was adjourned to Feb 28, after Ms Netto produced a medical certificate that she was unwell.

Roslan and Pausi were charged with trafficking in not less than 96.07g of heroin on June 14, 2008.
On April 22, 2010, after a 15-day trial, they were convicted and sentenced to the then mandatory death penalty.
Over the years, they have unsuccessfully challenged their death sentences.
In June 2016, they applied to be given life imprisonment, arguing that they were suffering from an abnormality of mind.
A defence psychiatrist had assessed Pausi's IQ to be 67, while another psychiatrist assessed that Roslan has borderline intelligence.
But in a judgment on Nov 13, 2017, the High Court found that the men's conduct and their own testimonies showed that they were "functioning in ways no different from people with higher IQ level in relation to the drug offences".
The court noted that Roslan was the central figure in the drug transaction who orchestrated its moving parts, while Pausi was able to deliver the drugs from outside Singapore and participated in the operation with little difficulty.

 

[blackmondy]

Low IQ minah no need to know so much detail one lah. Her boss See-Fart-Loong says you sign, you sign. Don't ask questions.

 

[LITTLEREDDOT]

"President Halimah Yacob has given her requisite in-principle support for the drawdown, which would bring the total sum drawn from the reserves up to S$42.9 billion over the course of the pandemic, for financial years (FY) 2020 to 2022."

Isn't the President's job to guard the reserves? How can she give in-principle support without the Budget being debated in Parliament?

Budget 2022: S$3 billion overall deficit expected; Govt to draw S$6 billion from reserves to tackle Covid-19​

Ili Nadhirah Mansor/TODAYThe Government expects a deficit of S$3 billion for Budget 2022.

• The Government expects a deficit of S$3 billion for Budget 2022
• That is equivalent to about 0.5 per cent of Singapore's annual economic output
• The Government is also seeking to draw S$6 billion from past reserves to fund upcoming Covid-19 health measures
• That would take the total drawdown to S$42.9 billion over the course of the pandemic so far
• This figure is less than the S$52 billion drawdown President Halimah Yacob agreed to for FY2020

BY NG JUN SEN
@SenToday
Published February 18, 2022


SINGAPORE — The Government expects its overall fiscal position following this year's Budget to remain in deficit by about S$3 billion, or about 0.5 per cent of annual economic output. It will also make a further drawdown of S$6 billion from past reserves to fund future Covid-19 public health measures, said Finance Minister Lawrence Wong on Friday (Feb 18).
President Halimah Yacob has given her requisite in-principle support for the drawdown, which would bring the total sum drawn from the reserves up to S$42.9 billion over the course of the pandemic, for financial years (FY) 2020 to 2022.
Nevertheless, this amount is still lower than the initial S$52 billion drawdown that Madam Halimah originally agreed to for the Fortitude Budget in FY2020, reflecting the Government’s prudence in the use of the reserves, said Mr Wong.
Part of the reason the Government expects to use a lower amount of the reserves meant for Covid-19 relief is an unexpected improvement in the overall position in FY2021.
The revised deficit for last year’s Budget is S$5 billion, or about 0.9 per cent of the economy. This is significantly lower than the S$11 billion deficit that was projected last year.

Mr Wong, who delivered the Budget on Friday, said the improvement is mainly due to reduced spending of S$10 billion for the Covid-19 Resilience Package, shortfalls in anticipated spending by ministries due to Covid-19 delays, as well as one-off revenue gains, including from vehicle quota premiums and stamp duties.
Around S$6.5 billion in stamp duties was collected in FY2021, which is S$2.2 billion higher than expected. Revenue for vehicle quota premiums and personal income tax was S$0.9 billion and S$1.4 billion higher than their respective projections.
“We also tapped on our existing resources first to provide short-term relief when we had to tighten restrictions periodically last year,” said Mr Wong. In 2021, the Government reallocated funds to cough up S$2 billion of economic relief measures due to the periods of heightened alert.
The overall deficit for Budget 2022 comes in spite of projections by several economists that government revenue in the current fiscal year will slightly exceed spending for the first time since the start of the pandemic in 2020.
DBS Bank, for example, predicted that Budget 2022 would be a "modestly contractionary budget", taking into account potential boosts from predicted tax hikes. It predicted a surplus of S$3.5 billion to S$4 billion.
Mr Wong said: “Beyond the crisis, our spending needs will continue to grow, as we tackle structural shifts and invest more to deliver on our longer-term priorities as laid out in this Budget.”

At the same time, expenditure growth needs to be managed, he added. Announcing a further 1 per cent cut to the budgets of all ministries and state organs from FY2023 onwards, Mr Wong said this adjustment will be channeled towards new priorities.
The Government had previously implemented a 2 per cent budget cut in FY2017.
As for the additional S$6 billion drawdown, Mr Wong said this amount will be set aside to “maintain a multi-layered public health defence”.
“This is necessary for us to react nimbly and confidently to the evolving Covid-19 situation,” said Mr Wong.
In a factsheet provided by the Ministry of Finance, the S$6 billion from past reserves will be used for "temporary and extraordinary" coronavirus measures.

• S$3.7 billion: For testing, clinical management and contact tracing
• S$1.2 billion: For vaccination and therapeutics
• S$1.1 billion: For isolation facilities, border management and safe distancing

 

[LITTLEREDDOT]

President Halimah Yacob approves Budget, including $6b draw on reserves to battle Covid-19​

Madam Halimah said she had consulted the Council of Presidential Advisers before giving her assent to the Supply Bill. PHOTO: HALIMAH YACOB/FACEBOOK

Justin Ong
Political Correspondent

Mar 23, 2022

SINGAPORE - President Halimah Yacob on Wednesday (March 23) approved the draw of $6 billion from Singapore's past reserves to continue supporting the nation's Covid-19 public health expenditure.
"Even as we prepare to transition to the new normal, it is not time yet to spare efforts in areas such as testing, clinical management, vaccination and therapeutics," she said.
In a Facebook post announcing her approval of the Government's Budget, she noted this was the third consecutive financial year that Singapore has had to draw on its reserves to battle the pandemic.
Madam Halimah added: "These draws are inevitable because we must garner necessary resources to protect Singaporeans and bolster our economy."
Parliament on March 11 approved the Government's $109 billion spending plans for the coming financial year after nine days of debate on topics including the upcoming goods and services tax increase and foreign manpower policies.
On Wednesday, Madam Halimah pointed out that the cumulative expected draw on past reserves over the past two financial years was up to $42.9 billion, less than the initial draw of $52 billion originally agreed on for financial year 2020.
"I take heart that the Government is prudent in the use of past reserves, rolling out measures that are critically needed for our people and businesses," she added.

Finance Minister Lawrence Wong said in his Budget statement on Feb 18 that the lower cumulative draw was due to Singapore's "swift and decisive response" to the pandemic, which averted worse public health outcomes.
The stronger-than-expected rebound in the economy and businesses also meant that measures such as provisions for loan loss were not used, he added.
Of the $6 billion drawn this financial year, $3.7 billion will go towards Covid-19 testing, clinical management and contact tracing, $1.2 billion towards vaccination and therapeutics and $1.1 billion towards isolation facilities, border management and safe distancing.
The Finance Ministry has said that these are temporary and extraordinary measures required to maintain a multi-layered public health defence in the near term.
Madam Halimah said she had consulted the Council of Presidential Advisers before giving her assent to the Supply Bill.
Her assent paves the way for the Supply Bill to become law, and it will control how much the Government is allowed to spend, and on what, in the financial year.
"With perseverance and cooperation from everyone, I am confident that we will once again ride out the current Covid-19 Omicron wave, and further enhance our resilience as a nation," said Madam Halimah.

 

[roller888]

She is just a puppet

 

[LITTLEREDDOT]

 

[LITTLEREDDOT]

What is the change of Halimah even asking questions about this budget before she rubber-stamps it?

$1.5b package to help S'poreans cope with inflation; $100 utilities credit for every household​

The package will provide a $100 utilities credit to every Singaporean household, among other measures. ST PHOTO: LIM YAOHUI

Goh Yan Han
Political Correspondent

June 21, 2022

SINGAPORE - A $1.5 billion support package to help lower-income families and vulnerable groups amid rising global inflation was announced by Deputy Prime Minister Lawrence Wong on Tuesday (June 21).
They will receive an additional goods and services tax (GST) Voucher - Cash Special Payment of up to $300 to be given out in August, which is on top of the regular GST Voucher - Cash of up to $400 that had earlier been announced.
This will benefit about 1.5 million lower-income to middle-income workers, as well as retirees without income.
The package will also provide a $100 utilities credit to every Singaporean household and extend more help to local companies, among other measures.
For instance, eligible taxi main hirers and private-hire car drivers will get a one-off relief of $150 in August to offset higher fuel costs, while the Government will also provide one month of foreign worker levy waiver for Singapore's 11 chicken slaughterhouses, which have been directly impacted by Malaysia's chicken export ban.
There will also be a new energy efficiency grant to provide local small- to medium-sized enterprises in the food services, food manufacturing and retail sectors with up to 70 per cent support to adopt energy-efficient equipment and alleviate rising business costs due to higher energy prices.
There will be no further draw on past reserves to fund this support package, in part because the Government collected higher revenues in fiscal year 2021 from a stronger than expected economic recovery, Mr Wong said at a press conference.

"And we used less of the budget set aside for Covid-19 spending because the Omicron variant turned out to be less severe than anticipated," he added.
"So we will not pass a supplementary budget at this point."
SPH Brightcove Video

As it is also still early in the financial year and Parliament had approved this year's Budget just three months ago, ministries will also reprioritise within their existing budgets to fund this support package, Mr Wong added.


The Government had anticipated rising prices at the start of the year, and had responded with a comprehensive package of measures in Budget 2022 to cushion the impact of higher prices.
Some measures were brought forward as well in April while other schemes were extended, Mr Wong noted.
But the ongoing war in Ukraine and protectionist measures by countries have disrupted supply chains, resulting in higher energy and food prices.
Singaporeans have to prepare for global inflation to remain high for some time and possibly to increase further before stabilising and getting better, said Mr Wong, who is also Finance Minister.
The effects of inflation disproportionately impact the lower-income and vulnerable groups, he added.
To counter this, the ComCare Short- to Medium- Term Assistance and Long-Term Assistance (LTA) schemes will be enhanced permanently.
This means a one-person household on LTA will receive $640 a month, up from $600 currently.

The allowance and monthly pension ceiling for pensioners who draw lower pensions will also be increased by $30 each, to $350 and $1,280 respectively.
The additional GST Voucher cash and that previously announced in Budget 2022, means that, all together, GST Voucher - Cash recipients will receive up to $700 in August.
All Singaporean households will receive a $100 Household Utilities Credit to help offset utilities bills.
For lower-wage workers, the Government will be enhancing the Progressive Wage Credit Scheme that was announced in Budget this year.
The Government will also co-fund 75 per cent of eligible wage increases this year, up from 50 per cent previously, for resident employees with gross monthly wages up to $2,500.
It will also fund 45 per cent, up from 30 per cent, for employees with gross monthly wages of above $2,500 and up to $3,000.

MORE ON THIS TOPIC
GST hike to proceed as planned to fund spending on seniors, healthcare
Higher ComCare cash assistance for vulnerable households from Aug 1
The Jobs Growth Incentive, which provides support for employers to hire mature job seekers who have not been working for at least six months, as well as people with disabilities and former offenders, will be extended for another six months, till March next year, added Mr Wong.
He said: "We will provide more help for businesses as well as specific segments, and the specific segments include self-employed persons who rely on vehicles for their livelihood, as well as those who are impacted by the export ban on live chickens."
"For businesses in this higher energy cost environment, they will need to continue to restructure and become more energy-efficient in order to remain competitive," he noted.

The Enterprise Financing Scheme – Trade Loan will also be enhanced to support local enterprises with cashflow concerns. The maximum loan quantum will be increased from $5 million to $10 million from July 1 to March 31 next year and the Government will continue to provide 70 per cent risk-share for the scheme during this period.
Firms can also tap the Temporary Bridging Loan Programme, which provides access to working capital for business needs, from now till end-September. After it expires, the Enterprise Financing Scheme – SME Working Capital Loan will also be enhanced, with the maximum loan quantum increased from $300,000 to $500,000 from Oct 1 to next March.
Mr Wong said he knows that many Singaporeans are concerned about the immediate issues of rising prices and the cost of living.
He said: "But please understand that the challenges before us are not just about inflation. They are also about adapting to major structural changes in our operating environment - rising temperatures and climate change, increased geopolitical contestation and tensions, and potentially moving into a more bifurcated and decoupled world.
"So we have to fundamentally restructure and transform ourselves for this new world, a world which is likely to be more uncertain, volatile and even more dangerous than before."

 

[LITTLEREDDOT]

Singapore has a unique system of tripartism: President Halimah​

President Halimah Yacob (centre) meeting NTUC vice-president Abdul Samad Abdul Wahab (left) and NTUC deputy secretary-general Cham Hui Fong. PHOTO: MINISTRY OF COMMUNICATIONS AND INFORMATION
Nisha Rahim

JUN 14, 2022

SINGAPORE - President Halimah Yacob met with 15 leaders from the National Trades Union Congress (NTUC) central committee at the Istana on Tuesday (June 14) to discuss challenges faced by both employers and workers.
Calling the discussion candid and wide-ranging, President Halimah wrote on Facebook after the lunch meeting to thank NTUC for its continued efforts in fostering strong tripartism in Singapore and said she hopes to see more young people joining the union.
Among the NTUC central committee members present for the lunch were its vice-president and Nominated Member of Parliament (NMP) Abdul Samad Abdul Wahab, Women's Committee chair K. Thanaletchimi, and deputy secretaries-general Cham Hui Fong and Mr Heng Chee How, who is also a Labour MP.
Workers and employers are understandably worried about the rising cost of living and deteriorating economic outlook, she said.
"Amid these challenges, I am glad that the union has rolled out many different schemes through the NTUC Care Fund to support our workers," she added.
Singapore's unique system of tripartism has seen the unions work closely with employers and the Government so that industrial relations are harmonious and employment practices are fair, noted Madam Halimah.
In this way, the Republic ensures workers' rights and welfare are protected while building a stronger economy together.

Schemes like the NTUC Care Fund (e-Vouchers) provide lower-income union members with financial help to defray the cost of basic necessities and their children's school expenses, such as textbooks, assessment books, and uniforms.
Last year, NTUC raised $8 million as part of the NTUC-U Care Fund to help union members and their families, which include 15,000 children.
A total of $5.5 million was set aside separately under the NTUC Care Fund (e-Vouchers) programme to provide 14,000 union members up to $100 in grocery e-vouchers each. Families with school-going children were given an additional $100 e-voucher each per child.

 

[LITTLEREDDOT]

President Halimah, Sultan Bolkiah note close cooperation between Singapore and Brunei​

Brunei Sultan Hassanal Bolkiah (left) calls on President Halimah Yacob, on Aug 24, 2022. ST PHOTO: DESMOND WEE

Jean Iau

Aug 25, 2022

SINGAPORE - Throughout the Covid-19 pandemic, Brunei and Singapore worked closely on vaccines, supply chains and connectivity, supporting each other in weathering the storm together, President Halimah Yacob said on Wednesday (Aug 24).
Two and a half years on, both countries have emerged stronger, and endured as havens of peace and stability in a world increasingly beset by geopolitical competition, uncertainty and fault lines, she added.
She was speaking at a state banquet in honour of Sultan Hassanal Bolkiah of Brunei, who is on a two-day state visit to Singapore.
Both countries are also working on new avenues for cooperation in areas of mutual strategic interest, she noted, citing the signing of four agreements.
These memorandums of understanding (MOUs) cover energy and the green economy, trade and investment cooperation in food and medical products, youth education and public service capacity development.
Said President Halimah: "We have defied the odds to succeed. As small countries, we must continue to stay united, while being nimble, open and connected to the rest of the world."
Sultan Bolkiah's state visit here is his fifth, and represents the high point of a series of top-level exchanges between the two countries following the reopening of their respective borders. The visits are a testament to their special relationship.

Last month, Prime Minister Lee Hsien Loong and Ms Ho Ching attended Sultan Bolkiah's 76th birthday celebrations and received royal honours. Earlier this month, Crown Prince Al-Muhtadee Billah led a delegation here for the 8th Singapore-Brunei Young Leaders' Programme.
On Wednesday evening, Sultan Bolkiah was given a ceremonial welcome at the Istana before he called on the President.
Madam Halimah said his unstinting support enabled both countries to build on the solid foundation for bilateral ties first laid by founding prime minister Lee Kuan Yew and Sultan Bolkiah's father, the late Seri Begawan.


"Our bilateral relations have grown from strength to strength ever since. Bound by close cultural and people-to-people links, there is much more that we can do together," she said.
These relations are underpinned by longstanding defence and economic cooperation, she noted, saying Singapore remains grateful for Brunei's provision to the Singapore Armed Forces of jungle training areas, where generations of soldiers have trained.
"The Currency Interchangeability Agreement established in 1967 remains a shining symbol of our mutual trust and deep interdependence," she added.

Brunei Sultan Hassanal Bolkiah (left) was given a ceremonial welcome at the Istana before he called on President Halimah Yacob. ST PHOTO: DESMOND WEE
Under the agreement, Singapore dollar notes are on a par with the Brunei dollar and are legal tender in Brunei, and vice versa.
Madam Halimah also noted that as the Asean chairman last year, Brunei steered the region through the pandemic and brought Asean closer to its goal of a people-centric, inclusive and forward-looking region.
"As the two smallest countries in Asean, we have shared a strong and natural affinity from the very outset. By standing shoulder to shoulder, our strong partnership has amplified our voices on the regional and international stages. It has also helped us flourish as two sovereign nations which our peoples can be proud of," she said.
MORE ON THIS TOPIC
S'pore and Brunei to boost cooperation in energy, green economy, food and medical supply resilience
PM Lee, Ho Ching receive royal honours from Brunei Sultan
In his speech, Sultan Bolkiah said he was pleased that both countries came together during the pandemic, and credited their founding leaders' wisdom, friendship and confidence and trust built over the years for enabling the currency agreement and close defence cooperation.
He expressed gratitude for Singapore's contribution of medical equipment and vaccines at the peak of the pandemic, and when Covid-19 vaccines were in short supply globally.
"Now, as we learn to live in a new normal, we are increasingly faced with new challenges, the most recent being supply chains' disruption due to geopolitical tensions happening elsewhere," he added.
"We have already realised that as small countries, we cannot fight the currents of uncertainty on our own. Therefore, I am happy that we are working together to ensure our resilience, particularly through several MOUs which have been signed during this visit."

Brunei Sultan Hassanal Bolkiah giving a toast to President Halimah Yacob and guests at the state banquet on Aug 24, 2022. ST PHOTO: DESMOND WEE
Two of the MOUs were signed by Trade and Industry Minister Gan Kim Yong and Brunei's Minister of Finance and Economy II Amin Liew Abdullah.
Under the MOU on Cooperation in Energy and Green Economy, both countries will strengthen collaboration in areas such as emerging low-carbon technologies like hydrogen and solar energy, in carbon capture and storage, and in carbon markets.
The MOU on Strengthening Trade and Investment Cooperation in Food and Medical Products will see both sides develop the capacity and capability to mutually support each other in times of crisis, such as facilitating the efficient movement of food and medical products between Singapore and Brunei.

Brunei's Minister at the Prime Minister's Office, Datuk Seri Setia Dr Awang Haji Mohd Amin Liew Abdullah (left), and Trade and Industry Minister Gan Kim Yong signed two MOUs on Aug 24, 2022. PHOTO: MINISTRY OF TRADE AND INDUSTRY
Mr Gan said the signing signals their mutual interest in moving towards a more sustainable and resilient future.
Meanwhile, the MOU on youth education scholarship will support more young Bruneians in studying in Singapore, and the MOU on Cooperation in Public Service Capacity Development will facilitate the exchange of best governance practices between both civil services.
Madam Halimah noted that some of the ideas discussed during Prince Billah's visit had been translated into the MOUs, and looked forward to them bringing tangible benefits to both countries and their peoples, especially the younger generation.
The Sultan’s visit ends on Thursday.

 

[blackmondy]

She may be Halimah to everyone but she will always be Diu-nia-mah to me.

 

[Rabbit7]

Did she ask: "how much of our reserves are left?"

President Halimah Yacob approves Budget

President Halimah Yacob consulted the Council of Presidential Advisers before giving her assent to the Supply Bill.
PHOTO: HALIMAH YACOB/FACEBOOK

Tham Yuen-C
Senior Political Correspondent

MAR 16, 2021

SINGAPORE - President Halimah Yacob on Tuesday (March 16) formally approved the draw of up to $11 billion from past reserves to fund measures needed to fight Covid-19, saying that this would allow Singapore to support workers and businesses as it works towards reopening safely amid the pandemic.

In a Facebook post announcing her approval of the Government's Budget, she added: "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."

The Government's spending plans were approved in Parliament on March 8, after MPs spent nine days scrutinising the Government's and individual ministries' budgets. This comprised $107 billion of spending in total for the 2021 financial year.

Noting that this is the first time Singapore has had to draw on past reserves in two consecutive financial years, the President said: "Managing a pandemic of such a scale necessitates more resources to mitigate a plunge in our economy.

"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."

The $11 billion will go towards funding the Covid-19 Resilience Package, which covers public health and safe reopening measures, including vaccination, continued support for firms and workers, and targeted support for worst-hit sectors such as aviation.

Together with the amount approved last year, the total draw on the reserves will come to $53.7 billion.

President Halimah said she had consulted the Council of Presidential Advisers before giving her assent to the Supply Bill.

She had also taken into consideration the detailed briefing in January on the Budget by Deputy Prime Minister Heng Swee Keat and the Ministry of Finance, and had exercised her discretionary power provided for under the Constitution, she added.

Her assent paves the way for the Supply Bill to become law, and it will control how much the Government is allowed to spend, and on what, in the financial year.

Is it true that her husband owns plenty of properties up in Johor, privately ?

Has anyone chanced upon him in Johor ?

 

[mudhatter]

Stinkypura is a Malay territory, nothing to do with chinks.

That a chink tablet with chink letters adorns her cabinet/wall/whatever shows she is merely a puppet, controlled by eunuch loong.

The purpose is to draw anger of chink inferior morons to an easy vulnerable target since those cockroaches dare not target the eunuch in chief, eunuch loong.