Covid-19: S'pore to tap reserves for US$30b new virus support measures

CORONAVIRUS | Singapore today unveiled more than US$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 will see the government dip into its national reserves for the first time since the global financial crisis in 2007-2008.

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. - Reuters

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