According to Deputy Prime Minister Heng Swee Keat, he will be giving a ministerial statement on COVID-19 support matter on this coming Monday (17 Aug 2020). He will be giving the people of Singapore more details on the government approach to further extend help to workers and business owners during this COVID-19 pandemic.
The statement will be delivered at 3.30 PM via CNA, CNA938 and Mediacorp Me-Watch.
In his post:
“I will be making a Ministerial Statement next Monday on how we will continue our support for workers and businesses during this crisis.
The COVID-19 pandemic continues unabated in many parts of the world. Since May, the total number of cases has tripled to 20 million. The global economy has taken a very severe hit, and the situation could get worse.
In Singapore, we experienced our worst quarterly GDP performance on record in the second quarter. We have provided significant support for workers and businesses with almost $100 billion over four Budgets, with more than half coming from our Past Reserves. However, given the global economic and health crisis, we are likely to see more job losses and retrenchments in the coming months, and it will be many more months before our economy recovers fully. Even then, it will not be back to business as usual.
As we gradually re-open our economy, the recovery across industries is likely to be uneven and uncertain. Many sectors are gradually regaining their footing as economic activities resume. A few sectors are growing and even hiring. But several sectors have been very hard-hit and are unlikely to recover for some years to come.
Over the past few weeks, many people have shared with me their anxieties and concerns about their livelihoods. Weighing on their minds was also the uncertainty ahead, given that some of the support schemes are expiring. I will be providing more details on how we will evolve and extend our support for our companies and our workers in my Ministerial Statement on Monday.
We will continue to support our workers and firms through this crisis. But we are not able to sustain the same level of support indefinitely. As more sectors re-open gradually, we will have to evolve and taper the support provided. We will continue to provide targeted support to sectors that are hardest hit, including helping them pivot to new opportunities in growth areas.
We are committed to walk this difficult journey with you. Together, we can overcome this crisis and emerge stronger as one people.
You can read the Ministry of Finance (Singapore) press release here: go.gov.sg/mof14aug“
