AsiaCorona VirusSingapore

Singapore sets aside $11bn on COVID-19 Resilience Package

By Oluwaseun Sonde

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The Government of Singapore has set aside $11 billion under the COVID-19 Resilience Package to safeguard public health, enable safe re-opening, and support workers and businesses in sectors hard-hit by the pandemic.

This was disclosed through the social platform of the Ministry of Finance on Tuesday, as part of the Singaporean Budget for 2021, COVID-19 Resilience Package will pay close attention to the worst-hit sectors, providing bridging support for aviation companies, taxi and private hire car drivers, arts and culture, and the sports sector.

Supporting workers remains crucial, $1.5 billion has been set aside to extend the Singapore Government United Jobs and Skills Package, as the COVID-19 Recovery Grant will support workers who lost their jobs or most of their income, and who are committed to job search and training.

Furthermore, the Jobs Support Scheme will be extended to support businesses, targeted at hard-hit sectors such as aviation, aerospace, tourism, retail, arts and culture, food services and the built environment, investing in the people so they can bounce back and be ready for opportunities that may arise.

“We will also invest in our businesses so they can innovate, build deep capacities and seize growth opportunities. We have maintained the vibrancy of our society by enabling the global flow of goods, ideas, capital, and people through our shores”, the Ministry said.

The Ministry noted that COVID-19 might have disrupted physical connectivity, but has accelerated the virtual and knowledge economy. “To secure our position as a key aviation hub and maintain Changi’s position as a safe, trusted, and well-connected airport for travellers, we will restore Changi’s connectivity and invest in on-arrival testing and bio-safety systems.

“We will support businesses to innovate and collaborate on a global scale, by investing in the Corporate Venture Launchpad pilot, and enhancing the Open Innovation Platform and Global Innovation Alliance. We will also deepen our global and Southeast Asia partnerships, which will enable our businesses to plug into global and regional supply chains and industry clusters”, the Ministry said. 

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