SINGAPORE: Singapore’s 2022 Budget statement will be delivered by Finance Minister Lawrence Wong on Feb 18 next year, the Ministry of Finance (MOF) said on Thursday (Dec 30).
The Budget statement will be broadcast live on television and radio, and a live webcast will also be available on the Singapore Budget website. The full statement will be published on the Budget website after delivery.
Real-time updates of key announcements will be posted on the ministry’s Facebook page and Twitter account.
Singaporeans can continue to submit their views and suggestions for Budget 2022 on REACH’s microsite, as well as its e-Listening points, until Jan 17, 2022.
“MOF is also partnering the People’s Association (PA) and its grassroots organisations in their virtual Ask Kopi Kakis #shareyourviews engagement platforms to seek public views and suggestions in a convenient and safe manner,” it said.
Details of the virtual Ask Kopi Kakis #shareyourviews engagement platforms can be found online.
“We continue to encourage Singaporeans to share their views and suggestions on issues relevant to Budget 2022.”
The Budget process starts in the beginning of the financial year in April.
Discussions take place throughout the year within MOF and other agencies, during which considerations such as national priorities and financial viability will be factored in.
These discussions are then opened up for public debate via online and offline channels. Feedback is reviewed and used to shape the eventual Budget lineup.
The Cabinet then approves the Budget, and the statement is delivered by the finance minister in February. The Supply Bill is also introduced, and Parliament debates the Budget Statement.
The Finance Minister then delivers the round-up speech, clarifies queries from Members of Parliament (MPs) and sums up the Budget. Parliament then sits as a Committee of Supply to examine each ministry's plans.
Following the conclusion of the Committee of Supply, the finance minister delivers the second and third reading of the Supply Bill. Parliament will then vote on the Bill.
If the President assents to the Bill, it becomes a law called the Supply Act. This controls Government spending in the coming financial year.