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Singapore Budget 2009
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Resilience Package  
   
     
   
The Resilience Package has five components consisting of:

1)

Jobs for Singaporeans
To help Singaporeans stay employed, Government will spend $5.1 billion by:

  • Introducing the Jobs Credit Scheme
  • Enhancing the Skills Programme for Upgrading and Resilience (SPUR)
  • Providing the Workfare Income Supplement (WIS) Special Payment
  • Expanding recruitment across the public sector

2)

Stimulating Bank Lending
To ensure that viable companies continue to have access to credit to sustain their operations and keep jobs, government will spend $5.8 billion to stimulate bank lending by:

  • Enhancing existing bank lending schemes
  • Introducing the Special Risk-Sharing Initiative (SRI) comprising a new Bridging Loan Programme and risk-sharing schemes for trade financing

3)

Enhancing Business Cash-flow and Competitiveness
Government will spend $2.6 billion to support business cash-flow and strengthen Singapore’s competitiveness through:

  • Tax concessions and measures
  • Easing cash-flow and sharpening Singapore’s competitiveness

4)

Supporting Families
$2.6 billion will be spent to provide additional support for families and communities during this downturn through:

  • Direct assistance for Singaporean households
  • Increased targeted help for vulnerable groups
  • Additional support for Charitable Giving and the Community

5)

Building A Home for the Future
Government will spend $4.4 billion to develop Singapore as a global-city and best-home for Singaporeans by:

  • Bringing forward infrastructure projects
  • Rejuvenating public housing estates
  • Enhancing sustainable development programmes
  • Upgrading education and health infrastructure

The unprecedented severity of the global financial and economic crisis justifies a draw from Singapore's past reserves. The President has given in-principle approval for the Government to draw $4.9 billion from past reserves to fund the Jobs Credit Scheme and Special Risk-Sharing Initiative.

The revised Overall Budget Balance for FY2009 is a deficit of $8.7 billion (3.5% of GDP). The Basic Balance, which excludes the transfers to endowment funds as well as the contributions from Net Investment Returns, is a deficit of $14.9 billion (6.0% of GDP) imparting a large fiscal boost to the economy this year.