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A Singapore greenback notice is seen on this illustration picture Might 31, 2017. Picture by Reuters/Thomas White
Singapore will introduce a S$1.5 billion ($1.08 billion) assist bundle for primarily lower-income teams to assist mitigate elevated dwelling prices from inflation and rising power costs, its finance minister stated on Tuesday.
The plan is tilted in the direction of low-income teams however will embrace rebates to all Singaporean households within the city-state of 5.5 million folks for his or her utilities payments, Lawrence Wong advised a media briefing.
The bundle is off-cycle and will probably be partly funded by the upper revenues collected from the stronger-than-expected financial restoration final yr.
Singapore has seen decade-high inflation these days and its central financial institution had tightened financial coverage 3 times in a span of six months. learn extra
“The Ukraine warfare has put large stresses on world provide chains, and protectionist measures by nations has compounded provide chain disruptions,” Wong stated, in line with a transcript supplied by the finance ministry.
“World power and meals costs have risen sharply, and we should anticipate world inflation to broaden to different areas and even to choose up additional earlier than it stabilises and will get higher,” he added.
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