Corrections and clarifications regarding falsehoods about the Resilience Budget

There were false statements of fact contained in a Facebook post by user ‘超静’ (‘tifinnytara’) dated 29 Mar 2020, concerning Singapore's Resilience Budget (Supplementary Budget 2020) ("Resilience Budget").

Falsehoods

I. Source of funding for Singapore Airlines' S$15 billion capital raising exercise

In the Facebook post, the author stated, "Don't be too happy that you have $48b. The bulk of almost 1/3 goes to SIA, 55% TEMASEK OWNED (how did our national carrier became temasek own at 55%???). Cash n immediate release to SIA!” The author has claimed that almost one third of the support provided under the Resilience Budget will be provided to Singapore Airlines ("SIA"). This is false.

SIA's S$15 billion capital raising exercise, announced on 26 March 2020, is distinct and separate from the Resilience Budget, and is not funded by the Government.

II. Use of S$17 billion from Past Reserves

The author also stated in the Facebook Post, "...president halimah open reserves of $17b is mainly for Temasek.” In this statement, the author has claimed that the S$17 billion from Singapore’s Past Reserves will be used mainly for Temasek Holdings (Private) Limited ("Temasek"). This is also false.

To support the Resilience Budget, the Government is proposing to draw up to S$17 billion from our Past Reserves for broad-based economy-wide and sector-wide schemes. The schemes drawing on Past Reserves are:

Economy-wide Support Measures

• Enhancement of Jobs Support Scheme (S$13.8b)

• Enhancement of financing schemes (S$1.7b)

• Self-Employed Person Income Relief Scheme (S$1.2b)

Sector-wide Support Measure

• Aviation Support Package (S$0.4b)

None of the above schemes are ring-fenced to be for Temasek Holdings (Private) Limited (“Temasek”) or Temasek-linked companies.

Additional Clarifications

The Government has set aside a total of S$48.4 billion in the Resilience Budget to (i) save jobs, support workers, and protect livelihoods, (ii) help enterprises overcome immediate challenges, and (iii) strengthen economic and social resilience so that we can emerge intact and stronger.

In particular, S$20.0 billion has been set aside in the form of loan capital, to support good companies with strong capabilities and to catalyse private sector loan capital. None of this S$20 billion set aside as loan capital will be used by the Government to subscribe to SIA’s fund-raising exercise announced on 26 March 2020.

S$13.8 billion will go towards enhancing and extending the Jobs Support Scheme ("JSS"), to provide more impactful and sustained wage support for businesses. The JSS covers all sectors, with severely impacted sectors such as aviation, tourism and Food and Beverages (“F&B”) getting additional support. Eligible individuals and households will also benefit under the new Self-Employed Person Income Relief Scheme, as well as the enhanced Care and Support Package.

More details of the measures under the Resilience Budget can be found at www.singaporebudget.gov.sg/resiliencebudget.