Because of Singapore’s past reserves, the nation did not have to spend “precious time negotiating with creditors or dealing with detractors”, but instead spent the hours deliberating hard over the challenges posed by Covid-19 to the nation, Deputy Prime Minister Heng Swee Keat said on Tuesday (April 7).

The Government does not view the reserves “as a piggy bank to be broken at will” in order to provide a convenient source of additional revenue, said Mr Heng, who is also Finance Minister, in his round-up speech in Parliament to the debate

Said Mr Heng in response: “If we had succumbed to the political pressure to spend more of our reserves in good years, we would not have had the war chest to deal with critical moments, such as now. And to do even more, if necessary, even in the next term of Government.”

“Indeed, this crisis has reaffirmed the value of our key institutions and the key tenets of our prudent fiscal policy – to spend prudently, invest wisely, and plan consistently for the long-term.”