S’pore’s budget position remains expansionary in FY 2019

19th February, 2019 11:17:28 printer

SINGAPORE: Singapore's Finance Minister Heng Swee Keat said in his Budget Statement in Parliament on Monday that the city-state's budget position remains expansionary in financial year 2019, with a basic deficit of 7.1 billion Singapore dollars (about 5.24 billion U.S. dollars).

He said Singaporean ministries' total expenditures will reach 80.3 billion Singapore dollars in the year, 1.6 percent more than in financial year 2018. Meanwhile, the government will set aside funds to meet Singaporeans' long-term needs, reports Xinhua.

On the whole, the overall budget deficit of Singaporean government is expected to hit 3.5 billion Singapore dollars in financial year 2019, accounting for 0.7 percent of the country's Gross Domestic Product (GDP).