Singapore announced its budget proposal for the 2020/2021 on Tuesday. Finance Minister Heng Swee Keat proposed two special packages worth a total $5.6 billion Singaporean dollars ($4 billion) in order to help the economy and support workers and households. Those packages are meant also to help contain the coronavirus outbreak in the country.
This represents the biggest budget deficit in the last 15 years. The overall deficit will be 10.9 billion of Singaporean dollars, meaning 2.1% of GDP.
Keat commented that this "outbreak will certainly impact our economy. We will put in every effort to slow down the spread of the virus."
