Lawrence Wong on impact of MAS' net loss on Government's budget
Singapore's "smoothening" formula to guard against revenue volatility has helped to mitigate the impact of the Monetary Authority of Singapore's (MAS) net loss on the Government's budget, said Deputy Prime Minister and Finance Minister Lawrence Wong. Replying to MPs' questions in Parliament on Monday (Aug 1), he said investment returns are inherently volatile, reflecting market conditions. The Government has taken steps to ensure that this volatility does not unduly affect the budget. He added that it is neither responsible nor prudent to rely on windfall surpluses in any given year to fund Singapore's increased structural spending needs.
Singapore's "smoothening" formula to guard against revenue volatility has helped to mitigate the impact of the Monetary Authority of Singapore's (MAS) net loss on the Government's budget, said Deputy Prime Minister and Finance Minister Lawrence Wong. Replying to MPs' questions in Parliament on Monday (Aug 1), he said investment returns are inherently volatile, reflecting market conditions. The Government has taken steps to ensure that this volatility does not unduly affect the budget. He added that it is neither responsible nor prudent to rely on windfall surpluses in any given year to fund Singapore's increased structural spending needs.
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