Singapore announces $1.08 billion support package to handle soaring prices

A Singapore greenback be aware is witnessed in this illustration picture May 31, 2017. REUTERS/Thomas White/Illustration

SINGAPORE, June 21 (Reuters) – Singapore will introduce a S$1.5 billion ($1.08 billion) support offer for mostly decrease-money groups to aid mitigate improved living prices from inflation and rising power prices, its finance minister explained on Tuesday.

The prepare is tilted in the direction of small-revenue groups but will include rebates to all Singaporean households in the metropolis-condition of 5.5 million people today for their utilities expenses, Lawrence Wong advised a media briefing.

The package is off-cycle and will be partly funded by the greater revenues gathered from the stronger-than-predicted financial restoration final calendar year.

Singapore has found 10 years-higher inflation currently and its central financial institution had tightened monetary policy 3 situations in a span of six months. read much more

“The Ukraine war has set tremendous stresses on international supply chains, and protectionist steps by nations around the world has compounded offer chain disruptions,” Wong reported, in accordance to a transcript presented by the finance ministry.

“World power and meals charges have risen sharply, and we need to hope worldwide inflation to broaden to other parts and even to decide on up additional in advance of it stabilises and receives far better,” he included.

($1 = 1.3857 Singapore pounds)

Reporting by Chen Lin Enhancing by Martin Petty

Our Specifications: The Thomson Reuters Belief Concepts.