Asked on 26 Mar 2020
I'm also not sure how long will these measures to help Singaporeans last for. Does anyone have any idea?
The government is setting aside another $48 billion to help Singapore deal with Covid-19. What are your thoughts?
We've already got a question thread regarding this topic here, do check it out!
Just to summarise some of the sentiments on the other question thread, the S$48 billion that was drawn from Singapore's reserves is definitely needed to help cushion the economic impact of the virus on Singapore's economy. Whether or not the Resilience Budget is enough is yet to be seen, but the swift response from the government so far has been encouraging, and we know that they won't hesitate to draw more from the reserves if required.
As a consultant who looks at cash flow on a daily basis, the initiative is geared to ensure minimal retrenchment. I have traveled to enough countries as of late, spoke to enough people in various countries hit hard by the coronavirus to know that we are one of the lucky few nations whereby the money goes directly into the pockets of its citizens. You can argue all you want on taxes, left pocket to the right pocket, but I seriously challenge you to find another national package that was created so swiftly __and decisively. And most of all, clearly.
A year is what most would need to effectively transition and adapt. Beyond that, you might not be trying hard enough.