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19 February, 2020 00:00 00 AM
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Singapore announces $4.6 bn boost to fight virus

AFP, Singapore

Singapore unveiled US$4.6 billion in financial packages yesterday to deal with the impact of the deadly coronavirus outbreak, which has battered the city-state’s economy and sparked fears of a recession.

The financial hub has reported 77 cases of the virus, one of the highest figures outside mainland China, where the pathogen has killed hundreds and infected tens of thousands.

Tourism and trade are

both expected to be hard hit by the virus in Singapore, an open economy with close links to China that is badly affected during any global shock.

Finance Minister Heng Swee Keat announced financial packages worth a total of Sg$6.4 billion (US$4.6 billion) as part of the annual budget, and warned that the full impact of the outbreak is yet to be felt.

Sg$5.6 billion was earmarked to help companies and families ride out the looming slowdown, with a large chunk set to go to firms in the most affected sectors including aviation, tourism and retail.

There was also money to help families, which will come in the form of cash payouts and grocery vouchers for the needy.

An additional Sg$800 million was set aside to support virus-fighting efforts, with most going to the health ministry.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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