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




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

  • Update Time : Thursday, March 26, 2020
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Singapore to tap reserves for $30 billion in new virus support measures
Singapore to tap reserves for $30 billion in new virus support measures

MarketDeal24.Com – The government of Singapore has announced on Thursday new measures worth $30 billion to contain the negative impacts on its economy from the ongoing COVID-19 pandemic. As per the declarations the steps are supposed to target businesses and households.

The new plans amounting to around S$48 billion ($33 billion) will compel the government dig dip into its national reserves for the first time since the global financial crisis of 2008.

The latest plan is second in a series of measures when the city-state announced several multi-billion dollar worth of measures before.

The tiny nation of Singapore has been applauded globally due to the efficiency with which it is tackling the crisis, but a recent jump in new cases has compelled the government to close its borders and venues which attracts public in huge numbers.

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