Neil Parekh Nimil Rajnikant on reviewing public finances to help Singaporeans
Too much time is spent on discussing Singapore’s reserves. Instead, the focus should be on growing the economy and creating well-paying jobs for Singaporeans, said NMP Neil Parekh Nimil Rajnikant. Speaking in Parliament on Wednesday (Feb 7), he warned of the likelihood of a very volatile and risky global economy. He said what Singapore needs are prudent fiscal and monetary policies for the Government to effectively function and fund important development programmes that ensure that no one falls through the cracks. He added that the management of the reserves is of great importance for Singapore as it is a relatively small and very open economy. It would face more volatility than larger economies with greater natural resources but it can take comfort in the size of its reserves, as well as the way they are managed, he said. Besides serving as a very important source of funds during times of emergency, the reserves help Singapore maintain stability in the economy - as “shock absorbers” during rough patches. They also help to balance the critical funding needs in the Budget.
Too much time is spent on discussing Singapore’s reserves. Instead, the focus should be on growing the economy and creating well-paying jobs for Singaporeans, said NMP Neil Parekh Nimil Rajnikant. Speaking in Parliament on Wednesday (Feb 7), he warned of the likelihood of a very volatile and risky global economy. He said what Singapore needs are prudent fiscal and monetary policies for the Government to effectively function and fund important development programmes that ensure that no one falls through the cracks. He added that the management of the reserves is of great importance for Singapore as it is a relatively small and very open economy. It would face more volatility than larger economies with greater natural resources but it can take comfort in the size of its reserves, as well as the way they are managed, he said. Besides serving as a very important source of funds during times of emergency, the reserves help Singapore maintain stability in the economy - as “shock absorbers” during rough patches. They also help to balance the critical funding needs in the Budget.
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