Indranee Rajah on reviewing public finances to help Singaporeans

Singapore’s reserves have helped current and future generations of Singaporeans, said Second Minister for Finance Indranee Rajah. “We save our reserves, invest them and use the investment returns sustainably. If needed, we will tap on our reserves to help Singapore and Singaporeans get through exceptional crises,” she said in Parliament on Wednesday (Feb 7). Ms Indranee said the investment returns from the reserves provide a steady stream of income to supplement the Government's Budget. Singaporeans benefit directly from the reserves every year via the Net Investment Returns Contribution and during crises. At the same time, Singapore does not spend all its investment returns. Ms Indranee stressed that Singapore’s fiscal and reserve approaches are underpinned by the principles of fairness, prudence and sustainability. “While Singapore will always be a work in progress, and we are always striving to do better, the Government's fiscal and reserves policies have served Singaporeans well,” she said. Ms Indranee said given the significant uncertainties in the current geopolitical situation, Singapore must use its reserves wisely. “Our reserves give us confidence and give others confidence in us. In times of crisis, we become the harbour in the storm for many investors. We must and will continue to do right by Singaporeans, for Singaporeans. Doing right by Singaporeans is not just about meeting the needs of Singaporeans today. It is about looking after our children, grandchildren and generations of tomorrow,” she said. “As stewards of our reserves, we have the obligation to manage it judiciously, make refinements where needed so that it will continue to serve its purpose for Singaporeans today and in years to come,” she added.