THE Government will announce measures to help businesses and workers this week, instead of waiting until the annual Budget statement in February.

Prime Minister Lee Hsien Loong said yesterday that the details will be unveiled "this week".

They include the enhancing of government financing schemes to ensure that businesses have continued access to credit, as well as a new training programme for workers.

Noting the urgency to help Singaporeans cope with the economic slowdown, the Government will also bring forward Budget 2009 to January.

The Budget statement, which is normally in February, will have more measures to help support growth and jobs, strengthen business competitiveness, and stimulate domestic demand, said Mr Lee at the annual People's Action Party (PAP) conference at the Toa Payoh Sports Hall.

He said that Singapore is already in recession and cautioned that next year's growth could be negative.

Recovery, he added, would be a "fat U", which means a period of downturn before things get back on track.

The Government's priorities are to keep people employed and help those who lose their jobs to find new ones, so that "they can take care of themselves and their families", said Mr Lee, who is also the secretary- general of the PAP.

The poor will also be given assistance to tide them over this period.

At the same time, the Government will work on strengthening the economy for the long term by, among other things, attracting new investments and building new capabilities.

Despite the "clouded outlook", Singapore is in a strong position, said Mr Lee, as major projects, such as the integrated resorts, are creating new jobs.

The country's ample reserves have also generated confidence.

"No one is thinking about testing the Singapore dollar... Our finances are in good shape, so your CPF savings are safe," he said.

Nevertheless, the global downturn means that Singapore would not be as prosperous as in the last few years, and pay packages will be smaller as a result. There will also be some retrenchments and job losses.

ButMr Lee believes that Singapore will "pull through again", through government leadership and assistance as well as the efforts of every Singaporean.

"We have the resources and the capability to cope. We will help those who need help, especially low-income households and those who lose their jobs," he said.

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