March 26, 2020 / 8:01 AM / 3 days ago

Singapore to tap reserves for $30 bln in new virus support measures

SINGAPORE, March 26 (Reuters) - Singapore on Thursday unveiled more than $30 billion in new measures to help businesses and households brace against the coronavirus pandemic which threatens to push the bellwether economy into a deep recession.

The new plans amounting to around S$48 billion ($33 billion) will see the government dip into its national reserves for the first time since the global financial crisis.

It comes just weeks after the city-state announced earlier several multi-billion dollar virus-fighting plans in its annual budget.

Singapore has won global plaudits in its two-month long battle with the virus, but a recent surge in infections has forced authorities to close its borders and entertainment venues in moves that are battering firms across the travel and finance hub. ($1 = 1.4467 Singapore dollars) (Reporting by Fathin Ungku; Writing by John Geddie; Editing by Christian Schmollinger)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below