Singapore pledges another SGD 5.1 billion in third stimulus package announcement

This photograph taken on February 18, 2020 shows people walking near commercial buildings in the central business district in Singapore. - Singapore's economy, a bellwether for trade-reliant Asian countries, suffered its worst contraction since the global financial crisis in the first quarter as the coronavirus pandemic escalated, official data showed on March 26. (Photo by ROSLAN RAHMAN / AFP)

Singapore has announced their third economic stimulus package worth SGD 5.1 billion to soften the economic impact arising from the Covid-19 outbreak.

The first two packages amounted to SGD 59.9 billion, amounting to 12 percent of the country’s GDP.

The stimulus package aims to aid businesses and households in the country as the Prime Minister Lee Hsien Loong announced the closure of schools and workplaces temporarily.

Deputy Prime Minister and Finance Minister, Heng Swee Keat had also announced several measures including greater wage subsidies for companies in April as well rental and foreign worker levies waivers for businesses.

Additionally, cash payout of SGD 600  will be offered to all adult Singaporeans.

Singapore has reported a total number of 1,309 positive cases with six deaths as of Sunday.

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