Singapore appointed 2 idiots to lead the task force.

[jw5]

Lawrence Wong meets World Bank President and other bigwigs.

Lawrence Wong​

3 mins ·
Infrastructure building and sustainable financing will play a key role in the region’s post-pandemic recovery. We will need good partners to provide best practices and financing expertise to help the region build back better. Multilateral Development Banks (MDBs) with a focus in Asia are a good example.
So I was pleased to have introductory meetings with World Bank President David Malpass, Asian Development Bank President Masatsugu Asakawa and Asian Infrastructure Investment Bank President Jin Liqun over the last few weeks. These MDBs mobilised resources quickly to address the immediate health and social impact of Covid-19 in many Asian countries. They will also continue to play a key role in supporting Asia’s recovery and longer-term greener growth. All three Presidents emphasised the need to deepen international cooperation for equitable access to vaccines, catalyse private capital for sustainable infrastructure and tackle climate change.
Singapore has been a longstanding partner of these three MDBs, with the World Bank Group and Asian Development Bank establishing offices here. All three continue to tap on our ecosystem of financiers, developers and professional services to explore innovative solutions and maximise development impact for the region.

 

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Lawrence having a laugh with ADB President.

 

[jw5]

Lawrence Wong wishes happy anniversary to his alma mater.

Lawrence Wong​

6 hrs ·
Happy 65th Anniversary to my alma mater – Tanjong Katong Secondary School . We could not have a physical event due to the Covid-19 situation. But we marked the occasion virtually, and I took special care to wear my school tie!
I thank TK and her teachers for instilling key values in generations of students. TK’s motto – Diligence, Ingenuity, Dexterity - are important values that can help see us through our journey of life.
Armed with these values, I am confident that we can grow even in times of crisis. The pandemic has tested all our students, but with the right attitude, you will become better, stronger and more resilient than before. This period has also highlighted the importance of relationships and involvement in the community. You can start now to make a difference – let’s look around us and see where we can help the vulnerable and less advantaged in our midst
To all TK students, I hope that you will make full use of the opportunities offered to you. Take your time to find your passion and your purpose. Congratulations, TKSS!

 

[jw5]

Lawrence Wong celebrates Youth Day.

Lawrence Wong​

3 hrs ·
Covid-19 has been the test of a generation, for all our youth.
The past one and a half years have seen you adapt to home-based learning, give back to the community, support the vulnerable, and overcome many other challenges.
Youth Day is not just a school holiday. It's a day to recognise your grit, tenacity and resilience. Take pride in how far you have come, and all the new adventures you will embark on. Try new things, and don't be afraid to fail. I have great faith in all of you. Stay strong and let’s work towards a brighter future together!
*Pic of our Limbang youth volunteers and their wishes

 

[jw5]

Lawrence Wong plays the role of Ministar Of Finance.

Lawrence Wong​

1 hr ·
In Parliament today to deliver my statement on the $1.2 bn package to support Singaporeans through the Phase 2 and 3 Heightened Alert period. We are already in Budget Deficit this year and do not want to dip further into our Past Reserves. Instead we will reallocate the funds previously approved in this year’s Budget to ensure that appropriate help is extended to businesses, workers and individuals in need.

 

[jw5]

from msn.com:

Global tax reform to make it harder for Singapore to draw investments: Lawrence Wong​

SINGAPORE — The plans by countries around the world to set a global minimum corporate tax rate will make it harder for Singapore to attract investments, Finance Minister Lawrence Wong said in Parliament on Monday (5 July).

Wong’s comments come after 130 countries and jurisdictions including Singapore commit to a two-pillar plan to radically reshape the global tax system, according to a statement by the Organisation for Economic Co-operation and Development issued last week.

The global agreement follows a landmark deal by the G7 group of wealthy nations signed last month to force multinational companies to pay a fairer share of tax.

Singapore has to be “realistic about what the impact will be,” Wong said.

“It will make it harder for us to attract investments and we have to work harder, particularly given our size, the fact that Singapore is such a small city-state compared to so many other locations around the world, which offer equally if not more attractive and compelling attributes,” he added.

He was responding to a question by Member of Parliament for East Coast Jessica Tan about the impact of the tax deal on Singapore’s tech hub status.

Wong said Singapore has to work “much harder” in upgrading its workforce, infrastructure, connectivity, and overall business environment to stay competitive and attract investments.

Echoing the sentiment, Trade and Industry Minister Gan Kim Yong said Singapore's competitiveness goes beyond its taxation rate and that it must not be complacent.

“We are therefore redoubling our efforts to enhance our competitiveness and improve our business environment. For example, through upgrading our Industry Transformation Maps, we are confident that investors will continue to find Singapore a compelling place to do business and our economy can continue to thrive in the new environment,” Gan added.

In response to a question by Bishan-Toa Payoh MP Saktiandi Supaat about the risk of US firms moving out of Singapore because of the tax reform, Gan said the risks exist even now given that these firms do their financial calculations regularly to guide their investment decisions in Singapore.

The Ministry of Trade and Industry continues to look at ways to help companies operating here to continue doing so in cost-effective ways, Gan said. Apart from boosting its infrastructure, Singapore needs to expand its network of free trade agreements including their scope such as in the areas of renewable energy and the digital economy, he added.

 

[jw5]

Lawrence Wong statement in parliament.

Lawrence Wong​

7 hrs ·
We entered Phase 3 (Heightened Alert) on 14 June and with our measures showing some impact to curb the spread of Covid-19, I am happy to say that we expect to open up further from 12 July to allow larger groups of five people to dine together.
We had enhanced the Jobs Support Scheme (JSS) based on the impact of our measures on various sectors. The enhanced JSS will be in place until 11 July. Thereafter it will be tapered to 10% for two weeks till 25 July.
I know our SMEs face more challenges during this time. Besides the help they receive under our Covid-19 support packages, I announced additional six-month extensions to the Temporary Bridging Loan Programme, and Enhanced Enterprise Financing Scheme - Trade Loan.
I hope these measures will help workers and businesses during this challenging time. Let's continue to stay united, and work towards emerging stronger together.
Check out my full statement here: https://www.mof.gov.sg/.../ministerial-statement-jul-2021

 

[jw5]

from msn.com:

Singapore's GDP to grow 4℅ to 6℅ this year despite uncertain global outlook: Finance Minister Lawrence Wong​

With uncertainty looming large over global economy outlook, continue to expect gross domestic product growth of at least 4 per cent to 6 per cent this year, barring unforeseen circumstances, said Finance Minister Lawrence Wong yesterday.

Wong said there has been feedback from the business and investment community that Singapore might lose out to other hubs that are moving more aggressively to reopen their borders.
Noting that the global outlook depends critically on the path of the pandemic, he said a faster-than-anticipated global vaccine roll-out and effective pandemic containment could boost growth prospects


On the other hand, there are many downside risks, including the threat of new waves of infections, which could force a return to lockdowns in some jurisdictions, and a slower timeline for the reopening of borders, he said.

"As a small open economy, Singapore's outlook depends crucially on these external developments. The uncertainty surrounding our economic outlook is therefore larger than usual."

In May, the Ministry of Trade and Industry maintained its growth forecast for this year at a range of 4 per cent to 6 per cent

But the recovery will be uneven across sectors, said Wong.

Outward-oriented sectors, which account for about 70 per cent of the economy, are projected to benefit from the pickup in external demand.

The construction, marine and offshore engineering sectors are not short of projects, but they face a severe manpower crunch due to the COVID-19 restrictions.

While the Government has provided foreign worker levy rebates and other support measures to help cushion the blow, these cannot fully make up for the shortage of workers, he said.

He observed that recovery will be more gradual in hard-hit sectors such as aviation and tourism, as it will take a longer time for international air travel volumes to return to pre-COVID-19 levels.

There may be some consolidation in these industries, he said, and the Government will do its part to re-skill the affected workers and help them transition to other growing sectors that need manpower.

"At the same time, we will continue to provide targeted support for these industries to preserve their core capabilities and position them for recovery, which will come when travel restrictions are eventually lifted."

Wong said there has been feedback from the business and investment community that Singapore might lose out to other hubs that are moving more aggressively to reopen their borders.

"To achieve these goals, we will need strong partnerships across the community, private, and public sectors. Our experience throughout this pandemic has shown that we are stronger and more effective when we are united and work together."

 

[jw5]

from channelnewsasia.com:

Reopening borders vital to recovery, but COVID-19 vaccinations must first be sped up: Lawrence Wong​

SINGAPORE: Reopening Singapore's borders is vital to the country's economic recovery, but doing so prematurely could result in another wave of COVID-19 infections, said Finance Minister Lawrence Wong in Parliament on Monday (Jul 5).

The priority, therefore, is to speed up vaccinations, he said.

"There has been feedback from the business and investment community that Singapore might lose out to other hubs that are moving more aggressively to reopen their borders," said Mr Wong, who co-chairs the COVID-19 multi-ministry task force.

"We understand these concerns. But we are also very mindful that if we were to reopen prematurely before we reach high enough vaccination levels, we could end up with another wave of infections, and worse, a surge in hospitalisation and ICU cases."

In a ministerial statement outlining support measures amid the easing of some COVID-19 restrictions, Mr Wong said the reopening of borders is “an existential issue” for Singapore, which thrives on connectivity.

Vaccinations will enable the country to progressively reopen and reconnect with the world, he said, adding that Singapore is able to reach a "very high level of vaccination coverage" in the next one to two months.

Mr Wong added: “We are already discussing with other jurisdictions that have effectively controlled the infection, to work out travel corridors with them for vaccinated persons to travel more freely, either without the need for stay-home notice (SHN) or with a reduced SHN duration.”

And while Singapore will not be able to prevent occasional imported infections, Mr Wong said a high vaccination rate and the country's public health defences will prevent major outbreaks.

BUILDING NEW CAPABILITIES

Beyond the immediate term, Mr Wong said Singapore is investing in new capabilities and “building (itself) up strongly” for the future.

For instance, it is pushing ahead with digitalisation for businesses, intensifying efforts at upskilling the local workforce, as well as focusing on becoming a regional centre for green finance.

He added that the Emerging Stronger Taskforce has set out many recommendations to better position Singapore for future growth, and authorities will develop new initiatives over the coming months to speed up progress on these plans.

To achieve these goals, Mr Wong emphasised the need for partnerships across the community, and noted that the authorities will aim to scale up private-public collaborations.

“PROMISING SIGNS”

Rounding up his speech, Mr Wong reiterated that Singapore is preparing to transit to a scenario where people learn to live normally with COVID-19.

He said there are “promising signs” from countries that are ahead of Singapore in vaccinations – such as Israel, where almost 60 per cent of the population has been fully vaccinated.

Israel has opened up most of its economy, he noted, and despite a recent rise in cases largely due to the Delta variant, new outbreaks have not led to higher hospitalisation rates because of protection from the vaccine.

Mr Wong acknowledged a “deep longing” among residents to go back to how things were pre-pandemic, adding that some may feel a “sense of helplessness not knowing when normalcy will return, if at all”.

"The reality is that COVID-19 is unlikely to go away anytime soon. But with vaccination and with improvements in treatment, we can make (COVID-19) look more like influenza in terms of morbidity and mortality," he said.

Mr Wong reiterated Singapore’s target to have two-thirds of its population fully vaccinated by National Day. This may be an “ambitious target”, but the country is making “steady progress” towards it, he said.

“We are also going all out to engage our seniors and get more of them vaccinated ... With high vaccination rates, we will then be able to reopen our economy safely."

Safe distancing rules will be progressively eased, especially for vaccinated people, he said, adding that residents can look forward to larger gatherings and events - and eventually travel.

"This has been a long and difficult journey," said Mr Wong. "I know many are fatigued and tired. But we are seeing some light at the end of the tunnel."

 

[jw5]

Lawrence Wong will allow you to dine with more people soon.

Lawrence Wong​

1 hr ·
Before MTF conferences, I sometimes just grab a sandwich or curry puff on the go. But from 12 July, there will be more opportunities to dine with others

We will resume dining-in at F&B establishments in groups of 5 pax. Other activities like wedding receptions, and sports and exercise classes will also resume. So we can all look forward to meeting our friends in person over a meal. But do continue to comply with all the safe distancing rules.
If the situation remains stable and when half of our population are fully vaccinated by around end-July, we should be able to allow for further easing of the measures, especially for vaccinated persons who are better protected against the virus.
In particular, we could allow a doubling of group sizes to 500 pax for religious services, MICE events and concerts etc, if they are attended by fully vaccinated persons. We could also allow a larger group size of 8 persons to dine together if they are fully vaccinated.
Ultimately the key to safe reopening is vaccinations. So please get yourself jabbed if you have not done so, or bring forward your appointments and get vaccinated earlier!

 

[jw5]

from channelnewsasia.com:

Finance Minister Lawrence Wong to attend G20 meetings in Venice; tax reform on agenda​

SINGAPORE: Finance Minister Lawrence Wong will visit Venice from Jul 9 to Jul 11 to participate in Group of 20 (G20) meetings under the Italian G20 Presidency.

He will attend the G20 High-Level Tax Symposium, which will discuss strategies to advance domestic tax reforms and possible ways to enhance international cooperation on common climate targets, said the Ministry of Finance (MOF) on Wednesday (Jul 7).

Mr Wong will also join the Third Finance Ministers and Central Bank Governors Meeting (FMCBG), which is set to discuss the state of the global economy and international taxation, the ministry said.

That will include discussions on a global framework for tax reform that 130 countries supported on Jul 1 following talks held by the Organisation for Economic Cooperation and Development (OECD).

The proposed reforms would see reallocation of taxing rights to countries where the customers of multinational corporations are based, and a new minimum tax rate of at least 15 per cent.

Singapore was among the countries to support the proposal, Mr Wong said in Parliament on Tuesday.

While the proposals may affect Singapore's corporate income tax revenues and limit the effectiveness of its tax incentives, it remains "too early to work out the exact impact", he added.

The FMCBG will also discuss pandemic preparedness and response, including the Report of the High-Level Independent Panel on Financing the Global Commons for Pandemic Preparedness and Response.

That panel, formed in January, is co-chaired by Singapore's Senior Minister and Coordinating Minister for Social Policies Tharman Shanmugaratnam.

While in Venice, Mr Wong will also participate in the International Conference on Climate Change, which will discuss policies to transition towards a low-carbon and greener economy, said MOF.

He will be accompanied by officials from the ministry.

Mr Tharman will also visit Venice from Jul 9 to Jul 10 to join the FMCBG, said the Prime Minister's Office.

He will present the report of the G20 High Level Independent Panel on Financing the Global Commons for Pandemic Preparedness and Response.

On Jul 9, Mr Tharman will launch the report - A Global Deal for Our Pandemic Age - along with Director General of the World Trade Organization and former finance minister of Nigeria Ngozi Okonjo-Iweala, and former US treasury secretary Lawrence Summers.

 

[jw5]

Lawrence Wong flies SQ to Venice.

Lawrence Wong​

6 hrs ·
Good to see you again SQ! On my first overseas work trip in more than a year - the G20 Finance Ministers’ meeting in Venice.
Singapore is not a G20 member. But we’ve been invited to attend the meeting. So it’s important to show up - to have a seat on the table and to participate constructively in the discussions on global economic issues, especially the upcoming changes in the international corporate tax system.
I will keep you posted on further developments when I arrive in Venice. Meanwhile stay safe and look forward to seeing everyone back in Singapore soon!

 

[jw5]

Lawrence Wong monitoring covid from Venice.

Lawrence Wong​

4 hrs ·
Monitoring of Covid work continues while I’m overseas. This is one of the charts I look at closely every day - it shows the % of people in Singapore vaccinated with at least one dose by age groups.
On the whole, we are making good progress. More than 2/3 of our people have already received their first doses. They should get their second doses in the next few weeks. So we are on track to achieving our target of having 2/3 of our population fully vaccinated by National Day.
The vaccination rates are also continuing to rise steadily across the younger age groups. That means we should be able to achieve even higher overall rates of vaccine coverage.
But one area of concern is that the vaccination rate for the elderly above 70 years old appears to be plateauing at about 70+%. This is not high enough. Our seniors are highly vulnerable to the severe effects of Covid-19 when they get infected. We must do all we can to avoid high hospitalisation or mortality rates amongst our seniors when we open up.
So if you have elderly parents/grandparents or relatives who are still not vaccinated, please reach out to them and persuade them to get their jabs soon.

 

[jw5]

Lawrence Wong gives an update on G20 meetings.

Lawrence Wong​

4 hrs ·
Quick update on what’s happening at the G20 Italy meetings. We are discussing issues important to the global community. All these also have an impact on Singapore and our public finances. As a responsible member of the international community, it's important we have a seat at the table to have our views heard, and to help contribute to a global consensus on the way forward.

Till the next update.
#SingaporeRepresents

 

[jw5]

Lawrence Wong speaks at G20 meeting.

Lawrence Wong​

19 hrs ·
The #G20 has just reached a historic agreement on new rules for international corporate tax. Besides the G20, an overwhelming majority of the jurisdictions in the Inclusive Framework, including Singapore, have also endorsed the broad shape of the tax reforms. This paves the way for a major overhaul of the tax system, with the most significant changes in tax rules in over a century.
There is still some work to be done, and several design parameters to be worked out. Singapore, like many others, looks forward to finalising these design elements by the next G20 meeting in October.
At the G20 discussion today, I spoke about the need to recognise substantive economic activities in the design parameters and the importance of ensuring consistent and timely implementation to allow big and small economies to compete on an equal footing. Tax systems, besides raising revenue, should continue to encourage innovation, growth and jobs.
#SingaporeRepresents #G20Italy

 

[jw5]

Lawrence Wong with 2 chiobus.

 

[jw5]

Lawrence Wong worries about climate change in Venice.

Lawrence Wong​

13 hrs ·
#G20 has been discussing ways to tackle the long-term challenge of climate change, including through the use of carbon price. In many ways it’s fitting that we are discussing this in Venice - a city that’s vulnerable to rising sea levels, and the increasing impact of climate change.
In fact, Venice has just implemented flood barriers to protect itself. But even that will not be sufficient if sea levels were to rise beyond 2m, a possibility that can’t be ruled out at the current rate of global warming.
So the world must come together to act urgently on climate change. The current average global emissions price of US$3/tonne is too low. One idea being mooted at the G20 is to have a global minimum floor price for carbon, and to set it at a higher level across the board. Naturally, countries will have their own considerations as to where the right price should be, and it will take some time to forge an international consensus on this.
Singapore already has a carbon tax. We are now reviewing the level and trajectory of the carbon tax, and will take these global developments into consideration in our review. We will continue to reduce our emissions and carbon footprint, and do our part to contribute to the overall efforts to decarbonise the global economy.
#G20Italy

 

[jw5]

Lawrence Wong returns to SG from Venice.

Lawrence Wong​

2 hrs ·
Good to be home!
It has been a short but productive trip representing Singapore at the G20 meeting. Had many useful conversations with my counterparts on international fiscal issues, Covid-19 responses, and ways to strengthen our bilateral ties.
There’s much work to be done as follow-up to the G20 initiatives. My team and I will be doing this remotely in isolation in accordance with the travel measures. Look forward to resuming in-person meetings when I’m out.

 

[jw5]

from msn.com:

Expect regular disruptions in trading environment': Gan Kim Yong​

Singapore should be ready to face the continued challenges and instabilities brought by the pandemic, Minister of Trade and Industry Gan Kim Yong said in a speech delivered at the FutureChina Global Forum on 12 July.

“In a state of ‘Never Normal,’ we should learn to expect regular disruptions and constant shifts in our trading environment. But we need to be ever-ready for these changes. We must be nimble and ensure our supply chains remain resilient and open to one another,” Gan said.

There is a need to anticipate supply chain disruptions arising from crises like the COVID-19 pandemic and to bolster Singapore’s readiness to face future crises, he added.

“In this regard, the Southeast Asia region and China are well-placed for businesses to capture new opportunities for trade,” said Gan.

Stronger digital trade with China is amongst the ways cited by the Minister to help not only Singapore, but also the Association of Southeast Asian Nations (ASEAN). Programmes and events in this regard include the Electronic Origin Data Exchange System under the upgraded China-Singapore Free Trade Agreement, the ASEAN Single Window which would be extended to dialogue partners, including China, and China's participation in the World Trade Organization Joint Statement Initiative for E-Commerce.

"Singapore and ASEAN can continue to build on our strong economic linkages with China and uncover new opportunities to enhance physical and digital trade. In doing so, Singapore and ASEAN can maintain our relevance and continue to thrive as a region," Minister Gan concluded in his speech.

 

[jw5]

Lawrence Wong comments on ktv covid 19 cases.

Lawrence Wong​

1 hr ·
I know many are feeling disappointed and frustrated about the recent Covid-19 cases at KTVs. I feel the same.
Cases like these demonstrate how, in times of crisis, personal responsibility matters. No man is an island. The choices we make for ourselves are the choices we make for our community.
We are working round the clock to deal with the latest cases, to contain them, and keep our community safe. The MTF has also been deliberating on what additional measures to take and will give an update soon. Meanwhile I strongly urge anyone who has been to these pivoted KTV lounges to do the right thing - get yourself tested, and isolate yourself.
We continue to take heart that the vast majority of Singaporeans have been responsible, and adhering to safe management measures. Let's continue to do our part, and overcome this together.
(

: ST - Kelvin Chng)