But to lose $80B "helping" bankrupt Yankee banks is OK?
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Nov 15, 2008
</TR><!-- headline one : start --><TR>CDAC to help needy families <!--10 min-->
</TR><!-- headline one : end --><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Debbie Yong
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These 'noticeable increases' were not unexpected, chairman of the CDAC's board of directors, Mr Lim Swee Say, who is also Minister in the Prime Minister's Office, said on Saturday at a CDAC press meeting. -- PHOTO: THE NEWPAPER
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<!-- START OF : div id="storytext"-->IT DID it in the 1998 Asian financial crisis, and it's doing it again, in these tough times.
The Chinese Development Assistance Council (CDAC) is digging into its reserves to help needy families hit by the current financial downturn.
At the start of this year, the 16-year-old self-help group earmarked an $18 million operating budget to fund its welfare programmes and community assistance schemes.
But with more people turning to the CDAC for help, as a result of higher costs and the global economic crunch, it has revised this sum to $20 million for the whole year.
This is an overall $3 million increase from last year's budget, and the second time that reserves were tapped.
These 'noticeable increases' were not unexpected, chairman of the CDAC's board of directors, Mr Lim Swee Say, who is also Minister in the Prime Minister's Office, said on Saturday at a CDAC press meeting.
He predicted more numbers seeking help next year, for which the CDAC is poised to fork out $21 million for its 2009 budget.
'Over the years, the CDAC has been running a very tight ship. We have always been prudent in our spending policy. In good years, we save the surplus budget for use in difficult years like these,' he said.
=> So many poor folks, but still got surplus implies it's just a wayang. And surplus goes into some people's bonuses?
This year, 6,000 people approached the CDAC to sponsor skills training courses, an increase of 1,000 from last year. The number seeking jobs through the CDAC has gone up from an average of 120 a month to an average of 160 in the last three months. Read the full story in tomorrow's edition of The Sunday Times.
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Nov 15, 2008
</TR><!-- headline one : start --><TR>CDAC to help needy families <!--10 min-->
</TR><!-- headline one : end --><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Debbie Yong
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
These 'noticeable increases' were not unexpected, chairman of the CDAC's board of directors, Mr Lim Swee Say, who is also Minister in the Prime Minister's Office, said on Saturday at a CDAC press meeting. -- PHOTO: THE NEWPAPER
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"-->IT DID it in the 1998 Asian financial crisis, and it's doing it again, in these tough times.
The Chinese Development Assistance Council (CDAC) is digging into its reserves to help needy families hit by the current financial downturn.
At the start of this year, the 16-year-old self-help group earmarked an $18 million operating budget to fund its welfare programmes and community assistance schemes.
But with more people turning to the CDAC for help, as a result of higher costs and the global economic crunch, it has revised this sum to $20 million for the whole year.
This is an overall $3 million increase from last year's budget, and the second time that reserves were tapped.
These 'noticeable increases' were not unexpected, chairman of the CDAC's board of directors, Mr Lim Swee Say, who is also Minister in the Prime Minister's Office, said on Saturday at a CDAC press meeting.
He predicted more numbers seeking help next year, for which the CDAC is poised to fork out $21 million for its 2009 budget.
'Over the years, the CDAC has been running a very tight ship. We have always been prudent in our spending policy. In good years, we save the surplus budget for use in difficult years like these,' he said.
=> So many poor folks, but still got surplus implies it's just a wayang. And surplus goes into some people's bonuses?
This year, 6,000 people approached the CDAC to sponsor skills training courses, an increase of 1,000 from last year. The number seeking jobs through the CDAC has gone up from an average of 120 a month to an average of 160 in the last three months. Read the full story in tomorrow's edition of The Sunday Times.
