Security, social needs, economic restructuring key focus of upcoming Budget, says Finance Minister Heng
Singapore will stay focused on finding “meaningful partnerships around the world," said Finance Minister Heng Swee Keat.
SINGAPORE — This year's Budget will focus on Singapore's security and social needs, especially in healthcare and education. Efforts to transform the economy will also continue, Finance Minister Heng Swee Keat said on Sunday (Jan 20).
“At the same time, the need for better security and better ability to defend ourselves is also growing,” Mr Heng, who will deliver the Budget speech on Feb 18, told reporters on the sidelines of a community event.
“And at the Ministry of Finance, we have to look after the needs across the different areas, across the different aspects of our nation.
“The Budget will focus on very key areas, on our security, taking care of our social needs especially in education and healthcare, and of course in transforming our economy.”
With events such as Brexit on the horizon, Mr Heng said that Singapore has to mind the risks of rising global protectionism, as well as the trade tensions between the United States and China.
Notwithstanding these developments, Singapore will stay focused on finding “meaningful partnerships around the world” and also on restructuring, he said.
"It just shows that when we make economic policies we have to be very, very thoughtful about the long-term implications and that we cannot avoid doing the difficult things,” Mr Heng said.
“The right things to do are often difficult. For instance the right thing to do is to restructure our economy. It's not easy.
“A lot of hard work goes into companies transforming themselves, a lot of hard work by workers to learn new skills. But it is the right thing to do and I hope we can sustain the momentum.”
