Govt to give $20.5 billion Resilience Package
Major fiscal package for the 2009 budget.
Ellen Joy Anastacio and Chew Hui Min
Thu, Jan 22, 2009
AsiaOne
Finance Minister Tharman Shanmugaratnam announced the government's $20.5 billion Resilience Package at today's Budget speech in Parliament.
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He said that Singapore was likely to experience the deepest recession since independence, arising from the worst global economic decline in 60 years.
The Resilience Package has three major aims: to save jobs to maximum possible extent, to help viable companies stay afloat, and to prepare Singapore to return with strength.
The Package has five main components:
1) Jobs for Singaporeans: $5.1 billion to preserve jobs
2) Stimulating bank lending : extend $5.8 billion government capital for risk sharing initiative (SRI). Some are to be used for provisions of losses.
3) Enhance business cash flow & competitiveness : $2.6 billion
4) Supporting families : $2.6 billion
5) Building a home for the future : $4.4 billion
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