Presidential candidate Tharman said that the use of reserves has to be 'fair', while Tan Kin Lian will question the government if 'it's the proper use of the reserves'.
For all PE2023 updates: https://bit.ly/3Kz6DX2
For all PE2023 updates: https://bit.ly/3Kz6DX2
Category
🗞
NewsTranscript
00:00 The first thing the President has to understand is the nature of the crisis.
00:04 Is this for the short term or is this a crisis where we can't actually see the end of the
00:09 crisis, we can't see the bottom to the crisis?
00:13 The second key to allow for the reserves to be used is useful only where you cannot see
00:22 the end of the crisis and you can't see the bottom to the crisis.
00:27 But secondly, the money has to be spent wisely and that means not just helping people to
00:33 survive which is of course very important, our firms, our SMEs and Singaporeans to survive
00:38 the storm, but to build strength in a crisis so that we emerge even stronger.
00:44 That's critical to the wise use of our reserves in a crisis.
00:49 But thirdly, it's got to be fair.
00:51 If we're using our reserves in a crisis, if we're going to spend monies on Singaporeans
00:57 and firms, it's got to be distributed fairly.
01:00 So if you're saving jobs, you've got to make sure we help lower income Singaporeans, middle
01:05 income Singaporeans, build up strengths for the recovery, build up new skills, new capabilities
01:11 for the recovery.
01:12 Don't just favour the big firms, don't just favour those who already have it good.
01:17 Be fair.
01:18 Thank you, Mr Tharman.
01:21 Mr Tan, you are next and your time starts now.
01:25 The two key factors, I have two factors.
01:29 The first is, is this use of the reserve in the interest of the people?
01:37 And the second factor I will consider is, is this a proper use of the reserves?
01:44 For example, is it spent unwisely or is it spent wisely?
01:50 For example, our biggest use of past reserves was during the COVID.
01:55 A large sum of money was set aside and there was some part of the money that went into
02:04 banks that were making huge profits and they were given a subsidy by the government.
02:12 I consider that to be not suitable use of the reserves.
02:17 And I don't want to say that this is looking back at the benefit of hindsight.
02:22 I think the President should have the ability to understand what is proper use and what
02:30 is the wrong use of the reserve.
02:33 So I will certainly want to examine carefully, is this good for the people and is this the
02:42 proper use of the reserves?
02:44 Thank you.
02:45 [Music]
02:47 [Music]
02:49 [Music]
02:51 [BLANK_AUDIO]