In a recent address to Parliament, Prime Minister Lee Hsien Loong emphasized the importance of safeguarding Singapore’s past reserves for the benefit of future generations. He underscored that the responsibility of protecting these reserves falls upon the current generation, viewing themselves as both beneficiaries and trustees of this national inheritance.
PM Lee stressed the significance of the sacrifices made by earlier generations, which led to the accumulation of reserves during a pivotal period in Singapore’s history. He cautioned against reckless depletion of these reserves, emphasizing the need for prudent use and careful management to ensure their availability for future needs.
Addressing Opposition calls for increased utilization of reserves, PM Lee explained that the government’s approach balances present-day needs with the imperative of preserving resources for future exigencies. Citing examples of how reserves were utilized during crises such as the 2008 global financial crisis and the ongoing Covid-19 pandemic, PM Lee emphasized the unpredictable nature of future challenges, noting that Singapore must be prepared for eventualities that lie ahead.
Moreover, PM Lee reaffirmed the “50-50” rule established in the Constitution, which allows for the responsible management of reserves. This rule enables the government to utilize returns from reserves for current spending while also ensuring that a portion is preserved for future requirements.
Debating against the call for increased use of reserves, Minister in the Prime Minister’s Office Indranee Rajah underscored the importance of earmarked funds to support present-day Singaporeans, including disbursements aimed at alleviating living costs for lower- and middle-income households. She emphasized that these funds serve the immediate welfare of citizens and are not solely reserved for future needs.
Responding to concerns about potential misuse of reserves, PM Lee highlighted Singapore’s legacy of prudent fiscal policy and the need for responsible management of national resources. He pointed out that the quest to utilize reserves more liberally should be cast as an electoral issue, allowing Singaporeans to make informed decisions about the country’s fiscal strategies.
In conclusion, PM Lee emphasized the need for continued vigilance in safeguarding the reserves and fiscal policies that have contributed to Singapore’s prosperity and stability. He called upon the citizenry to support the prudent management of reserves, ensuring the nation’s long-term success and sustainability.
The Prime Minister’s address serves as a timely reminder for Singaporeans to consider the strategic significance of preserving national reserves, underscoring the ethos of responsibility and stewardship that are integral to securing a prosperous future for generations to come.
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