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SINGAPORE : The business community in Singapore has welcomed the government's move to bring forward next year's Budget statement by one month.
Companies are eagerly waiting to hear what measures will be offered to help them through the current storm.
Singapore's business community has been looking forward to the next Budget statement, which the government has promised will include measures to help firms cope with the current downturn.
But the wait has been made shorter - with the Budget now due to be announced in January, about a month earlier than usual.
And this has brought a much-needed calm.
Philip Overmyer, chief executive, Singapore International Chamber of Commerce, said: "I think the challenge at the moment is a sense of confidence. What do we do? All we hear is bad news!
"We know the Singapore government is going to try very hard to fix some things, but companies are going to want to know - what is it, and how will it happen, and how is it going to affect me?
"And of course, what is said before the actual proposals come out, you can't answer that question. So moving the Budget process up earlier will help all companies. And citizens, and everyone else get an answer to that question."
William Lim, council member, Association of Small and Medium Enterprises (ASME), said: "I believe it is good because now all SMEs are facing cash flow problems, and with this, probably they will expedite faster... help the SMEs to move faster."
The government is also expected to unveil measures to make it easier for businesses to get financing ahead of the Budget statement.
Financing is a top concern for companies in the current tight credit environment. And some said that though there are a number of schemes available to help companies grow, these have a limited duration, and extending the time frame of such schemes could help.
Some of these schemes are currently run by SPRING Singapore.
Mr Overmyer said: "There is an interest guarantee scheme that SPRING offers and there is a micro loan facility. These schemes are good, but they tend to be fairly limited in size and duration - the interest guarantee scheme only applies to a 12-month loan. So maybe these types of things could be extended for one or two years."
ASME also said banks could be encouraged to lend more if the government takes on more risks for SMEs' financial borrowing. - CNA/ms
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