Just 11 days after the announcement of the unprecedented
supplementary Resilience Budget valued at S$48 billion, the
Singapore Government has drawn down against its reserves to push
out a second supplementary budget to combat the Covid-19 crisis on
the economic front in light of the circuit breaker measures
announced by the Singapore Government on 3 April 2020. The new
Solidarity Budget, announced on 6 April 2020, is valued at S$5.1
billion and comes amid what Deputy Prime Minister Heng Swee Keat
described as "a generational crisis with no precedent".
The primary aim of the Solidarity Budget is to take further steps
to save jobs and protect the livelihoods of employees during the
period of heightened measures. The Solidarity Budget will also aid
businesses in preserving their capacity and capabilities to allow
them to spring back into business when the circuit breaker is
lifted.
