SINGAPORE (Feb 18): Singapore’s Finance Minister Heng Swee Keat has started his delivery of Budget 2019 in Parliament.
According to Heng, Budget 2019 is a strategic plan to allocate resources to build a “strong, united Singapore”. This year, Singapore shall draw on its “Singaporean DNA” – openness, multi-culturalism, and self-determination – to continue progress.
At the fundamental level, Singapore must be kept safe and secure, to allow its citizens to preserve their way of life and forge their own destiny.
The country must also continue to transform its economy, as only a vibrant and innovative economy can provide opportunities for people to realise their potential.
In addition, Singaporeans must continue to build a caring and inclusive society, one where everyone looks out for one another, and plays a part in weaving a tightly-knit social fabric.
Singapore must also continue building as a global city and home for all, keeping it smart, sustainable, and globally connected.
Lastly, Heng comments that these goals must be achieved in a responsible and fiscally sustainable way.
Singapore's FY2019 budget position remains expansionary, with a basic deficit of $7.1 billion.
Ministries' total expendictures are expected to hit $80.3 billion, 1.6% higher than in FY2018.
Funds have also been set aside to meet Singaporeans' long-term needs, including $6.1 billion for the Merdeka Generation Package and $5.1 billion for long-term care support.
On the whole, an overall budget deficit of $3.5 billion, or 0.7% of GDP is expected.
