According to Mr. Lee, Dr. Hu & nbsp oversaw a period of high growth and sizable budget surpluses during his 16 years as Finance Minister.
These surpluses” under his wise management, gradually accumulated in our reserves, to become the exclusive resource that Singapore can then rely upon, both for regular budget spending and in crises with the President’s permission.”
Dr. Hu’s contributions to important financial policies in Singapore, such as the implementation of the goods and services tax ( GST ) in 1994, were also acknowledged by Mr. Lee.
According to Mr. Lee,” This allowed us to reduce money and business income at a time when many other nations were doing the same, undermining our ability to compete internationally.”
As the president’s saving needs increased, it also produced a reliable source of income that was crucial.
Dr. Hu” did not just drive through the GST ,” Mr. Lee continued,” but also introduced a complete package of aid and beginning to help companies and households deal.”
He claimed that some subsequent government support programs that have benefited generations of Singaporeans were modeled after this.
Dr. Hu was even honored by current and former finance officials Lawrence Wong and Heng Swee Keat. & nbsp,
Mr. Wong, the deputy prime minister, said on Friday that he” stewarded our finances well and provided a steady hand to steer our economy through the 1997 Asian Financial Crisis.”
Dr. Hu’s” wisdom and foresight ,” according to Mr. Heng, Deputy Prime Minister and Coordinating Minister for Economic Policies,” created a more adaptable tax center for Singapore and boosted our global fight.”
Dr. Hu said,” Through an overhaul of our financial and banking fields, he played an instrumental role in turning Singapore into a leading financial hub.” He also said that his contributions to Singapore will have an” enduring imprint.” & nbsp,
Mr. Lee expressed his sympathies to Dr. Hu’s home and expressed how much he would be missed. & nbsp,
” I will always cherish his sage advice, keen sense of management, and sincere priority for Singaporeans.”