Singapore unveils $3.5 billion in economic spending to combat coronavirus

Singapore’s overall budget deficit for financial year 2020 is expected to increase to S$44.3 billion, or 8.9 percent of GDP, as economic spending is boosted to combat the effects of coronavirus. (AFP)
Short Url
Updated 06 April 2020

Singapore unveils $3.5 billion in economic spending to combat coronavirus

  • ‘This is an unprecedented budget for extraordinary times’
  • Singapore’s overall budget deficit for financial year 2020 is expected to increase to S$44.3 billion, or 8.9 percent of GDP

SINGAPORE: Singapore announced S$5.1 billion ($3.55 billion) in additional economic spending such as wage support, waiver of levies and one-off payments to combat the coronavirus pandemic.
“This is an unprecedented budget for extraordinary times,” Finance Minister Heng Swee Keat told parliament on Monday, just over a week after the city-state unveiled more than $30 billion in new support measures as it braces for its worst recession.
On Friday, Singapore said it will close schools and most workplaces for a month as part of stricter measures to curb a recent jump in coronavirus infections. Singapore has reported a total of 1,309 infections and six deaths from the coronavirus.
Heng said the new measures unveiled in the third budget will increase the total spending on coronavirus relief to S$59.9 billion or 12 percent of gross domestic product (GDP). He said Singapore will draw an additional S$4 billion from its past reserves to fund the new measures.
“The situation remains highly fluid and uncertain. The government stands ready to provide further support should it become necessary,” Heng said.
Heng said Singapore’s overall budget deficit for financial year 2020 is expected to increase to S$44.3 billion, or 8.9 percent of GDP.


Turkish Airlines may delay delivery of Airbus, Boeing planes

Updated 27 May 2020

Turkish Airlines may delay delivery of Airbus, Boeing planes

  • The carrier plans to begin some domestic flights on June 4 and international on June 10
  • Airlines chairman said the impact of the coronavirus on market could last up to five years

ISTANBUL: Turkish Airlines, which halted nearly all of its passenger flights as a result of the coronavirus crisis, may delay the delivery of some Boeing and Airbus planes, its chairman was quoted as saying on Wednesday.
The carrier plans to begin some domestic flights on June 4 and some international flights on June 10 as airlines worldwide try to get planes flying again after a global travel slump.
But Turkish Airlines chairman Ilker Ayci said in an interview with Turkey’s Hurriyet newspaper that the impact of the coronavirus could last up to five years and that it would take a while to reach 2019 load factor levels.
Turkish Airlines had received half of its order for 25 Boeing 787-9 planes, he said, adding that the delivery of the rest could be delayed.
The airline is in talks to take delivery of Airbus 350-900s that are ready from an order of 25, and that it was working to delay the delivery of the rest, he said.
“We are trying to lighten the serious loads that could arise. We are getting our narrow-body planes.”
Ayci said Turkish Airlines would no longer offer free in-flight food and drinks on domestic flights and other flights shorter than two hours.
He also repeated that the company would try to maintain employment, but that salaries would have to be adjusted, with the aim of supporting those paid the least.