Budget 2020 to include economic package to counter COVID-19

The package aims to help workers stay in their jobs.

Singapore will announce the roll out of an economic package to mitigate the economic fallout from the coronavirus in the trade-reliant city-state in the upcoming Budget 2020, said a report by Bloomberg.

“We know there is an economic impact. Already the specific sectors are feeling it – tourism, hospitality – but beyond these specific sectors, we think the broader knock on impact can be quite severe as well,” said Lawrence Wong, Minister for National Development, in a Bloomberg TV interview.

Wong declined to reveal the size of the package or whether it will be bigger than the $230m SARS relief package during the 2003 pandemic.

“We are preparing for a strong package in the coming budget to help our companies as well as to help workers stay in their jobs,” Wong further added.

Singapore budget is set to be announced on 18 February

Read the full report here.