PM lee says impact of budget to be assessed before considering off budget measures

SINGAPORE: Singapore’ Prime Minister Lee Hsien Loong said the idea behind crafting this year’ budget is to have one that deals directly with the economic issues that confront Singapore, instead of having smaller measures every few months.

Mr Lee made the remark as he went about his rounds on the first day of the Lunar New Year to show his appreciation to workers who help keep essential industries going.

This year, it was a visit to pharmaceutical firm GlaxoSmithKline.

But with worries about the economy, the customary tossing of the “lo hei” for prosperity had an added ring of urgency this year.

Mr Lee was asked questions about off-Budget measures, such as what should happen if the global situation does not pick up.

Said PM Lee: “It’s too early to say yet but we are assessing the situation constantly and very carefully so that if we need to do more, we can do more. But I think we would prefer to make a decisive move and monitor for some time, which is what we have done with this Budget, rather than do a little bit then after a little while do a little bit more, then after while, do a little bit more.

“This way there’s an impact. Everybody knows where we stand. We’ve moved. We’ve got Jobs Credit, it’s an unprecedented programme and we’ve got the Special Risk Sharing programme that is also something we would not otherwise have wanted to think about in normal circumstances.”

As for some reactions that the Budget was more for businesses than individuals, Mr Lee pointed out that there was quite a significant package for households, although some would have wished for more.

Going forward, PM Lee said he will keep an eye on how the American and European economies do over the next six to nine months, but cautioned layoffs may still be inevitable.

Said Mr Lee: “What we do know is that there are plants which have some retrenchments in the pipeline. We hope they will look at the overall situation and consider carefully not just from the immediate point of view, but from the longer term point of view.

“(We hope the firms will) take everything into consideration, including Budget measures, Jobs Credit , SPUR programme and make a careful decision and consider retrenchments as final choice rather than first choice.”

Job security remains an issue, especially after this Lunar New Year period.

While GlaxoSmithKline itself has no plans for retrenchment this year, the chemical industries union said the sector is still facing issues with about 200-300 people having been laid off in just January alone.

GlaxoSmithKline, which opened in 1982, has invested S$1.4 billion to date – with another S$100 million to pumped in from now until 2013.

– CNA/yb

post note:

i guess the future is uncertain huh?

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PM lee says impact of budget to be assessed before considering off budget measures

budget 2009

as everyone should know, Singapore’s GDP is estimated to have fallen by 2 %to 5%.
if you still do not understand the severity of this whole economic crisis, let me give you a comparison.

this recession is said to be the worst economic downfall since 1964, the Singapore government has also decided to dip in to it’s past reserves to tide Singaporeans through this crisis. Something we haven’t done in many years. ( not that i know how many years that refers to.)

global manufacturing fell by over 20% which has resulted in a decline in cargo volumes and export, export being one of Singapore’s cash cows.

Many are also expected to lose their jobs after Chinese new year.

(!!!!!)

but do not fret. kaisu people like me.
the singapore government understands how much money means to us.

like every damsel in distress, there’s a hero.
the singapore government has came up with an “ingenious plan” ( not proven to be true yet)
THE RESILIENCE PACKAGE.

estimated to cost a grand total of 20.5 billion, the resilience package aims to saves jobs to the maximum extent possible during this recession.

of this monumental sum of 20.5b, 5.1b will go to preserving jobs, 5.8b will go to stimulating bank lending,
2.6b is expected to enhance business cash flow problems and competitiveness, total sum contributed to supporting families ( LOW INCOMES ) sums up to 2.4b and last but not least, 4.4b will be used to develop first class infrastructures, referring to HDBs. hohohoh.

http://www.straitstimes.com/STI/STIMEDIA/sp/budget09/pdfs/FY2009_Budget_Statement.pdf


“为应对自独立以来的最严重经济危机,政府昨天宣布总值205亿元的振兴配套(Resilience Package),缓解企业与国人在当前所面对的问题,并增强新加坡长远的竞争力。 ” 联合早报。

thinking time:

1.how long exactly is this recession going to last? singapore has only so much reserves.
this resilience package only works for so long, what’s singapore going to do after 2009?

2.do middle income families stand to gain from this recession?

3.would this scheme really work?

post note:

mr bryan tan is absolutely correct, Singaporeans only worry about finances and money. well look at me? whatever happened to save the earth?

mean bean gayle

budget 2009

revamp

i’ve decided to keep this blog afloat.
it deserves to be alive.

whether this site is viewed at all is not really a problem. (like who cares)
it’s no longer an ongoing project/competition.

this serene place is a place for me to blog about recent happenings and all matters.
i need a non emo blog. HOHOHO.

i’ll keep the previous posts for reminiscences.

gayle

revamp