As he approved the president’s spending plans for the upcoming fiscal year, Singapore’s longtime approach to budgeting and safeguarding reserves, which some people perceive as being extremely healthy, has become a vital “lifeline” in an extremely ambiguous world.
Mr. Tharman warned in a Facebook post on Wednesday ( Mar 19 ) that Singapore must never get rid of its habit of “looking far ahead.”
” But even as we deal with today’s issues, such as the cost of living, we also safeguard ourselves against potential issues and create opportunities for Singaporeans to do well, regardless of what may happen,” he said.
It’s actually the only way to remain cheerful: by being prepared for things to go wrong. And, to be honest, it matters more now than ever.
According to Mr. Tharman, some observers may have been liberal about Singapore’s finances over the years and the “rules that protect the resources that have been built up.”
It serves as a window into the growing vulnerability of all places in the future.
Leader of the Opposition Pritam Singh criticized the government’s “poor governmental marksmanship” in modeling Singapore’s financial needs during one of Februry’s budget conversations in congress.
Government generated more revenue than anticipated for the 2024 financial year, with operating revenue rising to S$ 116.6 billion ($ 85.57 billion ), an increase of S$ 8 billion or 7.3 per cent more than anticipated.
Prime Minister Lawrence Wong defended the government’s estimates, saying that they “have generally not been far off the mark” in response to the Workers ‘ Party leader’s criticism.
He pointed out that between 2010 and 2019, the average variation in revenue projections remained within a respectable 5 % range. However, the variance was greater, at around 7 %, in the past two years as a result of heightened uncertainty.