SINGAPORE: After the country’s reserves and budget were discussed in Parliament earlier this week, Madam Ho Ching weighed in on the issue, explaining why the Government must be prudent in spending.
On Wednesday (Feb 7), Parliament debated on a motion filed by Progress Singapore Party (PSP) Non-Constituency MPs toward a review of the Government’s policies on the Budget and reserves in light of the financial burdens Singaporeans are facing. While opposition MPs supported the motion, it was rejected by the House, although it passed an amended one that makes sure the government stays “fiscally responsible and sustainable.”
In a Feb 8 Facebook post, Mdm Ho, who is the wife of Prime Minister Lee Hsien Loong and who had served as the CEO of sovereign wealth fund Temasek Holdings from 2004 to 2021, underlined the need for Singaporeans to be “stewards and trustees” of the country’s reserves.
“Stewards try to look after the inherited reserves properly. Trustees try to look after the interest of those who do not yet have a voice, our future generations for many more generations to come,” she wrote, as opposed to using more of the reserves, which she characterised as “contrary to the age-old discipline and virtue of spending within what we can earn.”
Mdm Ho also noted how Singapore differs from other countries such as Kuwait, which she says “can re-open their oil wells to get income flowing again after an invasion or war,” while Singapore is “not so blessed.”
It is blessed, however, with older generations who “saved and invested wisely to build up our own reserves, and every generation since has also added to that precious rainy day fund.”
Because of this, even when unforeseen circumstances such as the pandemic or a recession occur, Singapore still has enough, but “would still be far far less than what we will need during a war, or for rebuilding after an invasion.”
She also cited China’s struggles due to its property downturn and added, “SG has no big brother to give us any handouts if we mismanage our financial or land resources.”
And on the issue of the country’s rapidly ageing society, with its accompanying rise in healthcare costs, she wrote that she appreciates the government’s approach of targeted packages such as the Pioneer Package, which aids the generation “who had the least and sacrificed the most.”
“And so we need to remain prudent, thoughtful and vigilant in guarding our past reserves and our common heritage including our land on this tiny island state. Let us try to spend within our earnings,” wrote Mdm Ho. /TISG
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