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The Ministry of Finance (MOF) has announced that Budget 2021 will be delivered on 16 February 2021 at 3pm.
Many Singaporeans and Singapore businesses will be eagerly anticipating the announcement. However, Budget 2021 will unlikely deliver such wide sweeping measures and incur such a deficit to bolster the Singapore economy compared to Budget 2020. Remember that in 2020, there were 4 separate budget announcements and 2 Ministerial Statements to supplement it as the coronavirus situation deteriorated.
Budget 2021 will likely provide more targeted help for businesses. Many of the initiatives to help businesses that was announced in Budget 2020 has ended or will be ending at some point in 2021. And, Budget 2021 will provide clarity to what kind of help businesses (and individuals) will get going forward.
As governments around the world moved to contain the coronavirus by imposing lockdowns and shutting businesses, the Ministry of Finance (MOF) had to quickly adjust last year s five Budgets.
By adapting to the crisis, Singapore averted a deeper economic recession and prevented its unemployment rate from spiking by a further 1.7 percentage points.
In its interim assessment of the impact of key Covid-19 budget measures released yesterday, the ministry said the pandemic demanded a coordinated response across the public health, economic and social domains.
The Government, in turn, responded with a strategy to protect lives, livelihoods and provide social support, MOF said. The mix of measures was continually fine-tuned to help Singapore adapt to the rapidly changing situation.
SINGAPORE - As governments around the world moved to contain the coronavirus by imposing lockdowns and shuttering businesses, the Ministry of Finance (MOF) had to quickly adjust last year s five Budgets.
By adapting to the crisis, Singapore averted a deeper economic recession, and prevented its unemployment rate from spiking by a further 1.7 percentage points.
In its interim assessment of the impact of key Covid-19 Budget measures released on Thursday (Feb 11), the ministry said the pandemic demanded a coordinated response across the public health, economic and social domains.
The Government in turn responded with a strategy to protect lives, livelihoods and provide social support, it said. The mix of measures was continually fine-tuned to help Singapore adapt to the rapidly changing situation.
The Straits Times
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A total of $13.8 billion was allocated for Covid-19 response operations by the Government in last year s Budget - one of three major areas of spending to protect lives and livelihoods in the pandemic, said Deputy Prime Minister Heng Swee Keat yesterday.