PM Wong: Singapore to Raise Spending While Maintaining Balanced Budget Over Medium Term

SINGAPORE, Sept 19 – Government spending will rise as a share of GDP to meet Singapore’s evolving needs, but a balanced Budget will still be maintained “over the medium term”, said Prime Minister and Finance Minister Lawrence Wong. Outlining the Ministry of Finance’s addendum to the President’s Address, he pledged to uphold fiscal discipline as a strategic advantage while investing in security, economic transformation, and social cohesion.

Spending to be raised to keep with times

To fund higher spending, earlier tax changes have strengthened revenue streams, while the Net Investment Returns framework will continue to provide sustainable resources from Singapore’s reserves. PM Wong said fiscal policies must support a dynamic economy and strong social compact, ensuring opportunity and quality of life for all citizens. The Government will also deepen global partnerships, strengthen defence and security, and help businesses embrace technologies such as AI. At the same time, Singaporeans will be supported with reskilling programmes to stay competitive in an uncertain global environment.

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