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Mr Lee said that the total amount of past reserves is not public information, but that it contains “much more” than the S$17 billion that the Government is seeking to draw down for the Resilience Budget.
“It will see us through for quite a long time,” he said.
“It is just as well that we have not gone and listened to the people who said to us: ‘You do not need so much, why are you saving all this money, just touch it and we will be all right.’ But, we kept it aside. I think this is not just a rainy day, it is a mighty storm as DPM said, and we will do what we need to do.”
Mr Lee said that the Government will be able to continue with measures such as wage support, rental rebates and property tax cuts to help Singaporeans even if the crisis stretches out for a year or two.
But he added: “What is difficult for us to do is to bring back the business when there is no business. If I have to lock down the public entertainment, then it is very difficult for the discos to operate.
“It is very difficult if you are a DJ, where do you get your gig? If there are no international flights, because other countries have locked down their borders, then it is very difficult to keep Singapore Airlines pilots and crew flying. If they are not flying, they do not get their flying allowances, and that is 60 per cent of their pay. It is a very substantial hurt to them.”
Read more at https://www.todayonline.com/singapo...-what-it-takes-get-through-covid-19-crisis-pm
“It will see us through for quite a long time,” he said.
“It is just as well that we have not gone and listened to the people who said to us: ‘You do not need so much, why are you saving all this money, just touch it and we will be all right.’ But, we kept it aside. I think this is not just a rainy day, it is a mighty storm as DPM said, and we will do what we need to do.”
Mr Lee said that the Government will be able to continue with measures such as wage support, rental rebates and property tax cuts to help Singaporeans even if the crisis stretches out for a year or two.
But he added: “What is difficult for us to do is to bring back the business when there is no business. If I have to lock down the public entertainment, then it is very difficult for the discos to operate.
“It is very difficult if you are a DJ, where do you get your gig? If there are no international flights, because other countries have locked down their borders, then it is very difficult to keep Singapore Airlines pilots and crew flying. If they are not flying, they do not get their flying allowances, and that is 60 per cent of their pay. It is a very substantial hurt to them.”
Read more at https://www.todayonline.com/singapo...-what-it-takes-get-through-covid-19-crisis-pm
