Now our reserve can be access liao

[Application9999]

SINGAPORE, Oct 21 - Singapore's parliament voted on Tuesday to amend the city-state's constitution to allow the government more access to the country's reserves to cope with a faltering economy, local media reported.

 

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The changes to the constitution will allow the government to draw on more returns from investing the reserves, so that its income can keep pace with rising expenditure, reported the pro-government newspaper The Straits Times on its website.

 

Official flash estimates showed this month that Singapore's economy contracted at an annualised rate of 6.3 percent in the third quarter after seasonal adjustments, pushing the export dependent economy into recession for the first time since 2002.

 

"We have the resources to do this and we have the resilience to see ourselves through," Singapore's Prime Minister Lee Hsien Loong was quoted by The Straits Times as telling parliament.

 

Lee also said that the government was preparing measures to help businesses, families and workers cope with the downturn. State broadcaster ChannelNewsAsia reported that the extra funds would be spent on research and development projects and medical care for the aged.

 

CIMB economist Song Seng Wun said the move gave the government more options to deal with a gloomy economic outlook.

 

"It will give them the flexibility to use the funds for a rainy day and I think a rainy day may be upon us," Song said.

 

The global financial crisis has led Singapore to announce last week it will guarantee all local and foreign currency deposits in banks, finance companies and investment banks operating in the city-state with immediate effect, backed by S$150 billion government reserves.

 

Economies across Asia are set to slow this year as the financial crisis threatens to push developed nations into recession, depressing demand for Asian exports. So what is the role of our beloved president in controlling the reserve? Our MIW still can dig into it after a close door discussion?

[Kingcopa]

Whatever discuss in parliment will eventually pass, no matter what. This is not the first time n this will not be the last time. Simple as that. Discuss is just a formality

[Hiphiphoray]

The papers reported the UK govternment is borrowing at a rate of 200 million pound per day!!!!!!

 

[Boyboy]

well, i thought part of the criticism was that our gahmen too tight-fisted with the reserves? we should applaud this move!

 

 

anyway, if i understood the reports correctly, they can now access more of the investment returns on the reserves. the principal sum will not be touched. i don't know any other info from sources outside MSM but this sounds good to me.

[Acemundo]

hehe finally we see our reserves come to light

[Silver_blade]

Yes...finally. One of the late president wanted to use it to help the people during the last crisis but was turned down.

[Diamond2006]

Since it is rejected the last time, so why it is approved this time....

This can only be one reason: This time round MUST be really BAD...

[Silver_blade]

Yup. Crisis will be really bad and also people have been asking when will the reserve be used to help the people. I guess...if this crisis don't qualify...we will never ever see it.

[Luckcent]

and he was told it takes 8 man years to give the right amount.....and now easily accessed.

[Kingcopa]

Morale of the story, if they wan it, it can be done.

[Ahhuat]

when ppl dont allow use of reserves.. ppl complain.. now let us use.. also complain.. so if dont use.. why dont use? any good argument... or is this complain for the sake of complain?

 

in any case, they are not digging into the reserves.. just using a bigger portion of the RETURNS from the reserves for certain areas like helping the lower income ppl...

 

so well.. if dont like it... go malaysia..

[Espire]

I dont think these people are complaining.

 

What they meant is, it's time for the garment to wake up... and stop being so self-centered.

 

These people are talking on facts... arent they...

[Ahhuat]

in what way is using the reserves to help the economy and the lower income NOT waking up... IMHO it's a bit over due liao...

 

the reason for taking so long was cos of our policy against using our reserves... which ppl bashed but failed to realize was the reason we could weather currency speculators and the reason we still carry weight in the financial arena..

 

somewhat i find that despite our feelings towards the government as a whole, when something good is done, we should give more constructive comments on how even more could be done rather than sit and brood over past events and past sentiments. As you can see here and in other arenas, most singaporeans have chosen so winge and whine rather than be constructive. somewhat i'm glad that some helicoptered MIWs are making decisions rather than the wingers and whiners on the streets cos it's at least the lesser of two evils.

[Espire]

U got it half right...

 

in lay man terms means..

 

other people propose use... they say cannot...

 

when they decided to use... means can.. ok...

 

if only they could figured it out themselves earlier since they dont take advices from others...

 

i can weakly recalled a month ago.. someone from MIW were still boasting how strong our economy is... now.. have to ask president signed that form...

 

what a propagation delay...

 

everyone here hope for the best of this tiny island... but somehow... it's still a one way traffic down the road...