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SINGAPORE: Finance Minister Tharman Shanmugaratnam has said next year's Budget will focus on helping businesses cope with the economic downturn.
Although he did not give details, Mr Tharman said companies will be given priority, compared with this year's Budget where families got help to cope with rising costs.
Mr Tharman also said Singapore would be able to ride out the global economic downturn as 'we are operating from a position of strength, not weakness'.
He said that saving a good part of last year's budget surplus will help tide Singapore through.
"Even with the large package of support that we provided households in this year's Budget, we did not spend all of the surplus we gained last year. By conserving resources, we can now respond to the coming downturn with confidence," he said.
Mr Tharman said Budget 2009 will continue to support families who suffer job cuts, but companies will get priority.
"The coming Budget will focus especially on helping businesses with their costs and cash-flow, and supporting them in their efforts to stay competitive. This will be the most effective way to help the economy as a whole, reduce job losses and help most Singaporeans," he said.
Other ways include investments in education and infrastructure.
"The best way we can help is not through unconditional handouts, but by helping Singaporeans stay employed, and supporting everyone to get retrained and upgraded," Mr Tharman said.
The finance minister was opening a memorial hall to commemorate Singapore's pioneer businessmen.
Mr Tharman said the situation today is different from the circumstances faced by Singapore's pioneer businessmen,
But he said there are also similarities. For example, the future was also uncertain, but with determination and by taking calculated risks, these businessmen created opportunities for themselves and for Singapore.
- CNA/ir
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