Saktiandi Supaat on reviewing public finances to help Singaporeans

What the Singapore Government has gained from years of fiscal rectitude is confidence and credibility, as well as the flexibility and financial resources to deal with crises, said MP Saktiandi Supaat in Parliament on Wednesday (Feb 7). He said Singapore is unlikely to experience the high economic growth and large fiscal surpluses of the 1990’s; instead, it faces multiple challenges that will shrink its fiscal space. So, it is all the more important to ensure that the country’s public finances remain sustainable to support its future progress. Mr Saktiandi elaborated on how Singapore’s medium- and long-term focus in fiscal and reserve policy has put it in good stead, and about the importance of reducing the risks of short-term discretion. He also highlighted cost-of-living pressures as a key issue that must be managed, but carefully. His view is that the answer is not to turn to the reserves, which are a finite resource, but - even as the Government assists with one-time packages or longer-term schemes - for Singaporeans to make a collective effort to manage their costs and finances and step up to help those who are less well-off.