Having the resources for a strong economy and society 'not a fairy tale', requires prudence: Lawrence Wong
Having the resources for a strong economy and society 'not a fairy tale', requires prudence: Lawrence Wong
The Deputy Prime Minister made a closing statement for the discussion of the 2024 Budget, emphasizing that Singapore must continue to be committed to saving enough for both the present and the future generations.
SINGAPORE: According to Finance Minister Lawrence Wong, having the means to pursue a robust economy and society is "not a fairy tale," but rather Singapore's reality, which calls for caution, he stated on Wednesday, February 28, during his round-up address on the Budget debate.
Some of his remarks were aimed at opposition Members of Parliament (MPs) since they would have a "different view of fiscal management."
The deputy prime minister, Mr. Wong, stated, "We must continue to plan ahead, do our sums carefully, and be upfront with Singaporeans on the cost of various proposals."
"This forward-looking and proactive mindset is a defining feature of our fiscal policy."
Mr. Wong claims that the opposition wants the government to use a larger portion of the reserves for current spending, saying that this might be done by increasing the proportion of the Net Investment Returns Contribution (NIRC), waiving land charges for public apartments, and using money from land sales.
What does this signify? In essence, we will have less in the future for ourselves and less to leave for our offspring and the following generation," he stated.
Parliament discussed a motion earlier this month that called for an examination of Singapore's reserve accumulation and budgetary strategies. Non-Constituency MPs Leong Mun Wai and Hazel Poa of the Progress Singapore Party introduced the resolution.
In the upcoming general election, Prime Minister Lee Hsien Loong urged the opposition to run a campaign centered around this subject. Eventually, a revised motion was approved to guarantee that the government remains "fiscally responsible and sustainable."
According to Mr. Wong, many governments in developed economies have to raise taxes because they lack the resources to pay for their plans on Wednesday. "Their financial structures are vulnerable to failure," he declared.
According to Mr. Wong, the Workers' Party's (WP) proposal for an independent Budget office did not assist.
He claimed that because "none of the political parties in these countries is willing to face the harsh realities," "fiscal fantasies" have dominated their policy discussions.
Overly optimistic forecasting assumptions and the notion that all monies can be raised from the wealthy with almost no ramifications for the general population are two examples. He continued, "They might also kick the fiscal can down the road indefinitely."
"Let's refrain from daydreaming. nor in this House, nor in Singapore," he declared, stressing that the island nation enjoys the exceptional advantage of being able to utilize its savings from the past in order to offset its debt from former governments.
"We have to be true to our goal of saving enough for the future as well as for ourselves. I so implore each and every member of this House to pledge to preserve these principles.
"Ensure that our fiscal system meets the needs and aspirations of both current and future generations of Singaporeans through fiscal responsibility and discipline," Mr. Wong stated.
He reiterated Mr. Lee's demand that a greater draw on Singapore's reserves be made a political issue.
"The PAP will discuss the matter with you, we will argue our position to Singaporeans, and in the end, Singaporeans will determine the most advantageous fiscal course of action to move Singapore ahead."
The challenge received no immediate response from MPs for the Workers' Party or NCMPs for the Progress Singapore Party.
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