Singapore spent S$72.3 billion to fight COVID-19 over past 2 years, lower than initially committed

Singapore spent S$72.3 billion to fight COVID-19 over past 2 years, lower than initially committed

SINGAPORE: An overall total of S$72. a few billion was spent on fighting the COVID-19 pandemic over the last two financial years (FY), said Second Minister for Finance Indranee Rajah in Parliament on Tuesday (Sep 13).

Of this sum, S$13. 4 billion went to public health steps. Another S$50. 6 billion was aimed towards support steps for workers and businesses, while S$8. 3 billion went to direct household plus social support.  

The total expenditure was lower than the initial sum of S$100 billion the fact that Government committed, stated Ms Indranee in response to a question from Person in Parliament Foo Mee Har (PAP-West Coast).

There were two reasons for the lower investing.

First, the federal government had set aside loan capital in FY2020 in anticipation of the tight credit marketplace. But this was unnecessary eventually, as the Monetary Authority of Singapore rolled out a Singapore-dollar facility to give low-interest capital to participating financial institutions, the girl explained.

2nd, resources set aside designed for public health capability to cater for “potential downside scenarios” were also not fully utilised, as secure management measures as well as the cooperation of Singaporeans had helped to avert severe community health outcomes.

However , this under-utilisation in funds were offset by the various support packages which were introduced over the increased alerts and stabilisation phases from Might to November 2021 as infection instances spiked, added the particular minister.

Microsoft Indranee also mentioned that the Ministry associated with Finance (MOF) has started a review of the controls and inspections in relation to COVID-19-related procurement and expenditure given that earlier this year.

“Respective agencies are conducting their audits on COVID-19 pandemic-related procurement and expenditure to make sure transactions are bona fide, and that there is no erroneous payment, ” the lady said.