MOF invites Singaporeans to share their views for Budget 2024

SINGAPORE — The Ministry of Finance (MOF) is actively seeking views from Singaporeans ahead of the Budget 2024, which is set be presented by Deputy Prime Minister (DPM) Lawrence Wong in Parliament on Feb 16. Members of the public, including organisations and businesses were invited to submit their suggestions through various channels over a seven-week period from Dec 6 to Jan 26.

In a recent Facebook post, MOF stressed that the budget is a strategic financial plan that will outline Singapore’s national priorities, which would also build the nation’s future. 

Earlier this month, DPM Wong explained that the Community Development Council (CDC) vouchers scheme is part of a comprehensive package that the government has implemented to cushion the effects of inflation.

A total of 1.27 million Singaporean households will benefit from the $500 worth of CDC vouchers per home. The scheme offers a broader spending choice and relief for local businesses too, as only $250 can be spent at participating supermarkets, while the remaining sum has to be spent at hawkers and heartland merchants.

“There are some signs that 2024 will be better. We expect gradual improvements in the economy, especially for the manufacturing sector. Inflation should continue on a broad moderating trend, globally and in Singapore,” said DPM Wong during the launch of the latest CDC vouchers scheme at the Jalan Besar Community Club on Jan 3.

While acknowledging the positive indicators, DPM Wong, who is also the Minister of Finance, sounded the alarm on simmering global tension as he warned of downside risks and dark clouds ahead due to the armed conflicts and violence around the world. 

“We continue to see geopolitical tensions everywhere as the major powers contest for influence. All these can have an impact on the global economy which remains vulnerable and fragile. And if the global economy is impacted, Singapore’s economy will also be impacted,” said DPM Wong.

“Therefore, the Government is monitoring the situation in the external environment very closely. MOF is now working on Budget 2024.  We are studying additional measures to support Singaporeans, including ideas that have been surfaced through the Forward Singapore exercise last year,” he added.

Members of the public can share their views and suggestions on the #SGBudget2024 via various platforms, such as the Reach Singapore portal and the People’s Association’s ‘Ask Kopi Kakis’ website. Budget 2024 focused on themes such as developing a competitive and sustainable economy with good jobs for all, forging a strong social compact, and building a secure and resilient nation. 

With the rising cost of living and many still adjusting to the recent GST hike, many Singaporeans eagerly await the upcoming budget.