SINGAPORE - The Government’s position of discipline, prudence and a willingness to sacrifice for the next generation has remained constant, while the Workers’ Party (WP) seems to have shifted its stance on the use of past reserves, said Deputy Prime Minister Lawrence Wong on Friday. Read more at straitstimes.com.
SINGAPORE - The Government’s position of discipline, prudence and a willingness to sacrifice for the next generation has remained constant, while the Workers’ Party seems to have shifted its stance on the use of past reserves, said Deputy Prime Minister Lawrence Wong on Friday.
Instead, they have repeatedly called for the Government to spend more from the reserves, slow down the growth of the reserves and tweak the 50 per cent Net Investment Returns Contribution formula, said Mr Wong. He added: “I say, let’s uphold the values of our forefathers and do what is right by past, present and future generations of Singaporeans. Let’s maintain a strong fiscal foundation so that Singapore can continue to prosper and thrive for many more years to come in this troubled world.”
“Naturally as circumstances evolve, the PAP also will change its position and the Workers’ Party, of course, will be entitled to do the same,” he said. WP MP Leon Perera said that while Mr Wong has set out the view that reducing the rate of growth of reserves is taking away from past generations, the PAP had done just that in 2008 when it created the net investment returns framework, and again in 2015 when including Temasek.
The issue, he said, is the WP’s attitude of wanting to change the rules at the first sign of needing money, not long after the framework was finalised.
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