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Singapore Plans Record Stimulus as Coronavirus Turns GDP Growth Negative

VOA News

   Singapore is planning a record $39-billion stimulus package aimed at
   supporting the economy amid the financial impact of the coronavirus
   pandemic. It is bracing for a possible recession as the virus slows
   down economic activity.

   Singapore will also take the unusual step of dipping into its state
   reserves to pay for stimulus spending that will cover wage support to
   businesses, cash aid to independent workers and other residents,
   grocery vouchers, and tax delays. Tapping reserves is a rare move in
   the island nation, one of the few in the world where the constitution
   requires the state to balance its official budget.

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