Singapore steps up fiscal measures, to triple cash payouts
Singapore allocates another S$48 billion in second stimulus package
- To draw S$17 billion from past reserves to fund stimulus
- S$15 billion will be put to enhance jobs support scheme
- To raise cash payouts to S$300 - S$900 from earlier S$100 - S$300
- Approximately S$4.6 billion will be spent for cash payouts, support
The additional spending here takes its overall virus-related stimulus measures to 11% of GDP, as the country looks to deal with the economic fallout from the virus outbreak.
They're also tapping into their reserves for the first time since 2009, when they had to in order to deal with the fallout from the global financial crisis.