Singapore to tap reserves for $30 bln in new virus support measures

Singapore on Thursday unveiled more than $30 billion in new measures to help businesses and households brace against the coronavirus pandemic which threatens to push the bellwether economy into a deep recession. The new plans amounting to around S$48 billion ($33 billion) will see the government dip into its national reserves for the first time since the global financial crisis.

It comes just weeks after the city-state announced earlier several multi-billion dollar virus-fighting plans in its annual budget. Singapore has won global plaudits in its two-month-long battle with the virus, but a recent surge in infections has forced authorities to close its borders and entertainment venues in moves that are battering firms across the travel and finance hub. ($1 = 1.4467 Singapore dollars)