Singapore government will not cut expenditure of the Ministries that have projects of national importance or of utmost priorities, clarified Second Finance Minister Lawrence Wong, while speaking to a private channel.
The clarification has come at a time when there has been concern about overall decrease in government spending as Budget has decided for 2 per cent cut in all ministries and organs of State.
However, the Minister reiterated that the government endeavour is on judicious spending.
Lawrence Wong had earlier said, “With expenditures rising because of healthcare, an ageing population as well as infrastructure needs, it is fair that the Government has to think of ways to raise revenue to balance the budget.
On the question of business community’s disappointment over Budget’s inadequate short-term support to lower business and compliance costs, the Minister replied that the government has taken a targeted approach to address uneven growth. Moreover, Wage Credit Scheme will definitely help the business in which government co-funds 40 per cent of wage increases.
He also assured the business community that the government is ‘mindful’ of their concern and will take measures to address them.