SINGAPORE: The actual cost of hosting the historic summit between United States President Donald Trump and North Korean leader Kim Jong Un incurred by the Singapore Government is approximately S$16.3 million, less than the earlier estimate of S$20 million, a Ministry of Foreign Affairs spokesperson said on Sunday (May 24).
Of the amount, the biggest component spent was on security, the ministry spokesperson said.
Prime Minister Lee Hsien Loong had previously estimated that the summit would cost around $20 million to host, with security costing half the figure. Mr Lee had described the amount spent as Singapore's "contribution to an international endeavour which is in our profound interest".
Hosting the meeting was largely seen as a public relations coup for Singapore, with more than 2,500 journalists on the island reporting on the landmark event.
The Jun 12 meeting between Mr Trump and Mr Kim at the Capella hotel on Sentosa culminated in the North Korean leader reaffirming his "firm and unwavering commitment to complete denuclearisation of the Korean Peninsula".
This was stated in a joint document signed by Mr Trump and Mr Kim.
Since then, the US and South Korea have suspended two military exercises, following president Trump's promise at the summit to halt the war games between the two countries.
But senior US officials admit there is much work to be done as negotiators thrash out the details of what they hope will be Pyongyang's "complete, verifiable and irreversible" disarmament.
Mr Trump's administration last Friday extended decade-old sanctions against Mr Kim's regime, citing an "unusual and extraordinary threat" from North Korea's nuclear arsenal.