If it wasn't for the PAP, that money would have long ago been squandered by the opposition. They don't have a habit of building up a huge reserve for the rainy day.
Just look at mudland. Their reserves are empty, and they feed their people to the sharks by asking them to draw from their EPF retirement funds to fend for themselves during this crisis. The US is giving money to its people by printing money, not drawing from their reserves.