Plans on Use of Surplus from FY2022/2023 Revenues Net of Expenditures to Support Transformation and Growth of SMEs and Workers

Mr Derrick Goh asked the Deputy Prime Minister and Minister for Finance given the surplus for FY2022/2023’s revenues net of expenditures, whether the Government can share its plans on how it will use these surplus funds to support SMEs and workers to help them to transform and grow.

Mr Lawrence Wong: My response will also address a Parliamentary Question filed by Mr Edward Chia Bing Hui, which is due for reading at a subsequent sitting as it is related to the same subject matter.

The Overall Fiscal Position for FY2022 turned out to be slightly better than what we had projected in this year’s Budget. The additional resources are welcomed and will be put to good use, be it to deal with immediate concerns like cost of living, to strengthen our social compact under the Forward Singapore exercise, or as Mr Derrick Goh suggested, to support our SMEs and workers.

The Ministry of Finance is working on these plans with other agencies, and the spending estimates will be tabled for Parliament’s approval as part of our annual Budget process.