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Prudence in Past Reserves- We have to manage our finance in a responsible way

In 1959, Singapore's first Finance Minister Dr Goh drafted the budget for a PAP government that was almost broke, and turned in a small surplus of $1million at the end of the year. He set the tone for the PAP government, which ever since has steadfastly upheld budget discipline and fiscal prudence.

In many countries, COVID-19 has led to massive increases in debt levels, which have not been seen since the end of the Second World War. 𝐖𝐞 𝐚𝐫𝐞 𝐨𝐧𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐯𝐞𝐫𝐲 𝐟𝐞𝐰 𝐞𝐱𝐜𝐞𝐩𝐭𝐢𝐨𝐧𝐬 𝐭𝐨 𝐭𝐡𝐢𝐬 𝐭𝐫𝐞𝐧𝐝 𝐨𝐟 𝐫𝐢𝐬𝐢𝐧𝐠 𝐩𝐮𝐛𝐥𝐢𝐜 𝐝𝐞𝐛𝐭 𝐚𝐫𝐨𝐮𝐧𝐝 𝐭𝐡𝐞 𝐰𝐨𝐫𝐥𝐝. 𝐖𝐞 𝐚𝐫𝐞 𝐯𝐞𝐫𝐲 𝐟𝐨𝐫𝐭𝐮𝐧𝐚𝐭𝐞 𝐭𝐨 𝐛𝐞 𝐰𝐡𝐞𝐫𝐞 𝐰𝐞 𝐚𝐫𝐞 𝐭𝐨𝐝𝐚𝐲, 𝐭𝐡𝐚𝐧𝐤𝐬 𝐭𝐨 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐬𝐢𝐠𝐡𝐭 𝐚𝐧𝐝 𝐟𝐢𝐬𝐜𝐚𝐥 𝐩𝐫𝐮𝐝𝐞𝐧𝐜𝐞 𝐨𝐟 𝐨𝐮𝐫 𝐟𝐨𝐫𝐞𝐟𝐚𝐭𝐡𝐞𝐫𝐬.

It is 𝐭𝐡𝐢𝐬 𝐝𝐢𝐬𝐜𝐢𝐩𝐥𝐢𝐧𝐞 𝐨𝐟 𝐬𝐞𝐭𝐭𝐢𝐧𝐠 𝐚𝐬𝐢𝐝𝐞 𝐫𝐞𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐟𝐨𝐫 𝐫𝐚𝐢𝐧𝐲 𝐝𝐚𝐲𝐬 𝐭𝐡𝐚𝐭 𝐡𝐚𝐬 𝐩𝐮𝐭 𝐮𝐬 𝐢𝐧 𝐚 𝐬𝐭𝐫𝐨𝐧𝐠 𝐟𝐢𝐬𝐜𝐚𝐥 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐭𝐨 𝐫𝐞𝐬𝐩𝐨𝐧𝐝 𝐝𝐞𝐜𝐢𝐬𝐢𝐯𝐞𝐥𝐲 𝐭𝐨 𝐭𝐡𝐢𝐬 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐜𝐫𝐢𝐬𝐢𝐬.



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'Change' is accelerating and we have to adapt to change. Is Geography still Destiny? This assumption is being challenged. The modern economy rests on digital connectivity which transcends geographical distances. "Where COVID-19 has created physical separation, it has also deepened digital connectedness," Mr Chan said. This the non-physical dimension of connectivity of rules and regulations even more important.

ASEAN and China should adopt a "Prosper thy neighbours" policy, rather than those who extract or exact the maximum short-term interests for themselves.



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Arcadis Data Centre Location Index 2021 Singapore

Singapore continues to attract major investments from the technology industry, making it a natural co-location hub for serving markets across Southeast Asia and the wider Asia-Pacific region, the report says. This is due to its well-educated workforce, stable government, solid infrastructure and low risk environment.

It is ranked 2nd in the Arcadis Data Centre Location Index 2021, making it a premier data centre location. Singapore is currently well-positioned to be a regional Data Centre hub. Its position is underpinned by robust local infrastructure and a conducive business environment, including high data protection standards.



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Singapore Budget 2021 - Emerging Stronger Together

Let us continue to focus on what lies ahead, and chart a clear direction forward. Let us continue to think long-term, tackle long-term challenges such as climate change and future pandemics, and forge partnerships with people around us, in Singapore, as part of Singapore Together, and with people around the world.

Let us strive to emerge stronger together, as a united and shining red dot, trusted by all!

- DPM Heng Swee Keat -



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