Singapore unveils $1.1B support measures amid high inflation

Singapore has unveiled a 1.5 billion Singapore dollars ($1.08 billion) support package to offer targeted and immediate relief for lower-income citizens and more vulnerable groups to help combat inflation, Report informs referring to MarketWatch.

The package will also provide more help for local companies.

The ongoing war in Ukraine and the continuing Covid-19 restrictions in parts of the world have disrupted supply chains, and led to higher energy and food prices, the Ministry of Finance said in a press release on June 21.

These factors have resulted in a sharper-than-expected rise in inflation across major economies. It is likely that global inflation will remain high for some time and may increase further before it stabilizes and gets better, the ministry said.

Key measures include Singaporeans receiving a cash special payment of up to S$300 in the form of goods and services vouchers. A S$100 household utilities credit will also be disbursed to every Singaporean household, the ministry said.

The government will deploy measures to help businesses cope with rising energy costs, via co-funding investments in more energy-efficient equipment. This is a more sustainable way to help businesses to manage energy prices which are beyond their control, the ministry noted.