<TABLE cellSpacing=0 cellPadding=0 width=452 border=0><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published February 7, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Resilience Package may need updating by year-end
2009 will be year that tests Singaporeans' strength of character, says MM Lee
By LEE U-WEN
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SINGAPORE may have to update its $20.5 billion Resilience Package by the end of this year, depending on the state of the United States economy at that time, Minister Mentor Lee Kuan Yew said last night.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>TOSSING FOR LUCK
MM Lee at last night's dinner. 'I wish all of you a hardworking and not-so-prosperous new year, but a rewarding one. If we are lucky, the US and Europe economy will bounce back in 2010, and we'll be okay.'</TD></TR></TBODY></TABLE>He said that the world would know in about nine months' time if new US President Barack Obama's economic and financial plans are panning out.
This would provide an indication of when the US economy would bottom out and start to grow again, he told some 1,500 residents at the annual Tanjong Pagar GRC Chinese New Year dinner last night. 'With luck, it could be by the end of 2009 or in early 2010,' he said.
On Singapore's part, Mr Lee revealed that the government had expected the stock market to take a heavy beating, and had 'sold off quite a lot of stocks and shares we owned and turned it into cash early last year'. 'That is why we were able to buy banks and so on - because we had the cash,' he said.
=> But still talking cock and hiking fees like in a boom? Lie also dunno how to!
Mr Lee also spoke of the difficulties of his generation of Singaporeans back in the 1960s and early 1970s, and how the country worked hard to build a strong foundation for the future. 'The reserves (then) were only $100 million. Now our reserves are over $100 billion.'
=> But only 1 Familee and its FTrash pets get to enjoy it?
On the global outlook, Mr Lee said that both China and India could still make substantial 6-8 per cent growth despite their meltdown. They also have giant domestic markets and can spend to meet their large infrastructural needs. However, China's gross domestic product is only a quarter that of the US, while India's is less than a tenth of the US.
'(Singapore) may get some spin-offs from their growth, but they cannot lift us like a US recovery,' said Mr Lee, adding that no country - not even the US, the European Union or Japan - can single-handedly decide its own economic performance.
=> Then why the ministers demand to be paid like God!
Even as the Republic finds itself mired in a deep recession, Mr Lee said that Singaporeans and the government 'are not in panic', and the country has the ability to survive the downturn even if it continues for several years.
=> For the ministers and their FTrash pets?
So Singaporeans need not despair or be depressed. 'We will have to endure some hardship. But nobody will be destitute, depending on soup kitchens or begging in the streets,' he said, before citing a number of help measures already in place such as GST credits, U-save rebates and Workfare income supplements.
When it comes to jobs, Mr Lee joined the list of many other ministers in urging workers to go for training and upgrading so that they can be ready to take on higher-value-added jobs in future.
'Singapore's security, stability, reliability and good labour relations are well known,' he said. 'Whatever your job, you are better off in Singapore than if you are in a similar job in any other Asian country, including China and India. The only country where, job for job, you cannot be better off is in Japan. The Japanese have huge reserves, top- class infrastructure and a highly skilled, industrious and knowledgeable workforce.'
=> And how much are the Jap ministers paid vis a vis the leegally corrupt Papaya ministers?
On Singapore's investments, Mr Lee said it was inevitable that some of those that have already been committed would have to be put on hold for the time being, even when work has already begun.
The two integrated resorts (IRs), however, 'cannot pause' because of the vast amounts of money already invested so far.
=> Just like good money is being used to chase after the bad on the bankrupt US banks cos of #1 ego?
'We've sunk so much money in. We have to finish it. They will finish it,' he said. 'Finish, hire some workers and try to make some money as soon as possible.'
=> We? Not the Yankees meh? Ah, slip of the tongue! Come clean with how much 'subsidy' has EDBee given to the Yankees to carry on the wayang lah!
Above all, Mr Lee described 2009 as the year that would 'test the mettle and strength of character' of Singaporeans. Encouraging them to keep their chin up, he said that younger citizens had the 'grit, stamina and resourcefulness' to bounce back from the present hard times.
=> While the BEST PAID govt in the world continues to be BEST PAID and wash their mouths with sharkfin soup?
'We will go through with restructuring our economy, and retrain and educate our workers to higher levels of skills and knowledge. When recovery comes in the US and EU, as it must, we will be ready for a higher level of economic activity,' said Mr Lee.
Rounding off his 25-minute speech, he said: 'I wish all of you a hardworking and not-so-prosperous new year, but a rewarding one. If we are lucky, the US and Europe economy will bounce back in 2010, and we'll be okay. If not lucky, and they can't bounce back, we will have another two or three years of slow recovery.'
=> "Jobs! Jobs! Jobs!" becomes "Chop! Chop! Chop!" to "Luck! Luck! Luck!"
</TD></TR></TBODY></TABLE>
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Resilience Package may need updating by year-end
2009 will be year that tests Singaporeans' strength of character, says MM Lee
By LEE U-WEN
<TABLE class=storyLinks cellSpacing=4 cellPadding=1 width=136 align=right border=0><TBODY><TR class=font10><TD align=right width=20>
</TD><TD>Email this article</TD></TR><TR class=font10><TD align=right width=20>
</TD><TD>Print article </TD></TR><TR class=font10><TD align=right width=20>
</TD><TD>Feedback</TD></TR></TBODY></TABLE>SINGAPORE may have to update its $20.5 billion Resilience Package by the end of this year, depending on the state of the United States economy at that time, Minister Mentor Lee Kuan Yew said last night.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>TOSSING FOR LUCKMM Lee at last night's dinner. 'I wish all of you a hardworking and not-so-prosperous new year, but a rewarding one. If we are lucky, the US and Europe economy will bounce back in 2010, and we'll be okay.'</TD></TR></TBODY></TABLE>He said that the world would know in about nine months' time if new US President Barack Obama's economic and financial plans are panning out.
This would provide an indication of when the US economy would bottom out and start to grow again, he told some 1,500 residents at the annual Tanjong Pagar GRC Chinese New Year dinner last night. 'With luck, it could be by the end of 2009 or in early 2010,' he said.
On Singapore's part, Mr Lee revealed that the government had expected the stock market to take a heavy beating, and had 'sold off quite a lot of stocks and shares we owned and turned it into cash early last year'. 'That is why we were able to buy banks and so on - because we had the cash,' he said.
=> But still talking cock and hiking fees like in a boom? Lie also dunno how to!
Mr Lee also spoke of the difficulties of his generation of Singaporeans back in the 1960s and early 1970s, and how the country worked hard to build a strong foundation for the future. 'The reserves (then) were only $100 million. Now our reserves are over $100 billion.'
=> But only 1 Familee and its FTrash pets get to enjoy it?
On the global outlook, Mr Lee said that both China and India could still make substantial 6-8 per cent growth despite their meltdown. They also have giant domestic markets and can spend to meet their large infrastructural needs. However, China's gross domestic product is only a quarter that of the US, while India's is less than a tenth of the US.
'(Singapore) may get some spin-offs from their growth, but they cannot lift us like a US recovery,' said Mr Lee, adding that no country - not even the US, the European Union or Japan - can single-handedly decide its own economic performance.
=> Then why the ministers demand to be paid like God!
Even as the Republic finds itself mired in a deep recession, Mr Lee said that Singaporeans and the government 'are not in panic', and the country has the ability to survive the downturn even if it continues for several years.
=> For the ministers and their FTrash pets?
So Singaporeans need not despair or be depressed. 'We will have to endure some hardship. But nobody will be destitute, depending on soup kitchens or begging in the streets,' he said, before citing a number of help measures already in place such as GST credits, U-save rebates and Workfare income supplements.
When it comes to jobs, Mr Lee joined the list of many other ministers in urging workers to go for training and upgrading so that they can be ready to take on higher-value-added jobs in future.
'Singapore's security, stability, reliability and good labour relations are well known,' he said. 'Whatever your job, you are better off in Singapore than if you are in a similar job in any other Asian country, including China and India. The only country where, job for job, you cannot be better off is in Japan. The Japanese have huge reserves, top- class infrastructure and a highly skilled, industrious and knowledgeable workforce.'
=> And how much are the Jap ministers paid vis a vis the leegally corrupt Papaya ministers?
On Singapore's investments, Mr Lee said it was inevitable that some of those that have already been committed would have to be put on hold for the time being, even when work has already begun.
The two integrated resorts (IRs), however, 'cannot pause' because of the vast amounts of money already invested so far.
=> Just like good money is being used to chase after the bad on the bankrupt US banks cos of #1 ego?
'We've sunk so much money in. We have to finish it. They will finish it,' he said. 'Finish, hire some workers and try to make some money as soon as possible.'
=> We? Not the Yankees meh? Ah, slip of the tongue! Come clean with how much 'subsidy' has EDBee given to the Yankees to carry on the wayang lah!
Above all, Mr Lee described 2009 as the year that would 'test the mettle and strength of character' of Singaporeans. Encouraging them to keep their chin up, he said that younger citizens had the 'grit, stamina and resourcefulness' to bounce back from the present hard times.
=> While the BEST PAID govt in the world continues to be BEST PAID and wash their mouths with sharkfin soup?
'We will go through with restructuring our economy, and retrain and educate our workers to higher levels of skills and knowledge. When recovery comes in the US and EU, as it must, we will be ready for a higher level of economic activity,' said Mr Lee.
Rounding off his 25-minute speech, he said: 'I wish all of you a hardworking and not-so-prosperous new year, but a rewarding one. If we are lucky, the US and Europe economy will bounce back in 2010, and we'll be okay. If not lucky, and they can't bounce back, we will have another two or three years of slow recovery.'
=> "Jobs! Jobs! Jobs!" becomes "Chop! Chop! Chop!" to "Luck! Luck! Luck!"
</TD></TR></TBODY></TABLE>
