Singapore unveiled its fourth multi-billion dollar economic stimulus package on Tuesday to support its economy during COVID-19 pandemic.
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The latest package, focused on preserving jobs, is worth S$33 billion ($23.22 billion) and was unveiled by Finance Minister Heng Swee Keat as the country downgraded its 2020 GDP forecast and faces the deepest recession in its short history.
“We are dedicating close to S$100 billion to support our people in this battle, which is almost 20% of our GDP. This is a landmark package and the necessary response to an unprecedented crisis,” Heng said, as reported by Reuters.
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Key points for the stimulus include:
- Wage support for businesses that cannot resume operations immediately after Singapore’s “circuit breaker” is lifted next month;
- Waivers and rebates in foreign worker levy for companies in selected industries;
- Rental waivers and relief for small- and medium-sized enterprises;
- Opportunities in public and private sectors to more than 40,000 jobs.