February 3, 2009

Singapore Budget 2009 Highlights

Minister for Finance, Mr. Tharman Shanmugaratnam unveiled a Resilience Package totaling $20.5 billion this year, to help Singapore see through a period of exceptional difficulty. The Package aims to save jobs to the maximum extent possible in the recession, and to help viable companies stay afloat. It also prepares Singapore to emerge with strength when the global economy recovers, and enhances our capabilities and competitiveness for the long term.

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