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President accepts 2016 Budget

SINGAPORE – Calling the 2016 Budget a “responsible, prudent and balanced” one, President Tony Tan said he has given his assent to the Supply Bill, which authorises the expenditures set out in the budget.

TODAY file photo of President Tony Tan

TODAY file photo of President Tony Tan

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SINGAPORE – Calling the 2016 Budget a “responsible, prudent and balanced” one, President Tony Tan said he has given his assent to the Supply Bill, which authorises the Government's expenditures set out in the budget.

Noting that an overall budget surplus of S$3.4 billion was expected this year, Dr Tan said: “This is a responsible, prudent and balanced Budget that prepares Singapore for the future while taking care of our current needs.” 

It also reflected the Government’s “continuing commitment to building a better future” for the Republic, he said in a Facebook post on Friday (April 15).

Hailing the initiatives to transform the economy and to prepare Singaporeans to take on new and better jobs as “forward-looking”, Dr Tan said: “These are thoughtfully designed to involve the community, companies and industry associations in supporting Singapore’s longer-term goals.”

The sector-based approach adopted in these initiatives, he added, would enable the country to make further progress, as they build on broad-based schemes implemented over the last few years.

On the Budget’s emphasis on building a caring and resilient society, Dr Tan said: “The measures announced under this thrust of the Budget will support community efforts to look after the vulnerable among us and complement the ongoing endeavours to transform our economy and develop new capabilities.”

Dr Tan also said that he and the Council of Presidential Advisers were briefed by the Ministry of Finance on the Budget.

“As required by the Constitution, the Council has considered the proposed Budget and recommended that I assent to the Supply Bill on the basis that the Budget is unlikely to draw on the Government’s Past Reserves,” he said. "I concur with the Council’s recommendation and have exercised the President’s discretionary power provided for under the Constitution to give my assent to the Supply Bill.”

The Budget was passed in Parliament on Thursday after nine days of debate.

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