Government's Current Cumulative Fiscal Position and Inclusion of Special Transfers in Government Budgets

Mr Chua Kheng Wee Louis asked the Prime Minister and Minister for Finance (a) what is the current cumulative fiscal position of the current term of Government; and (b) whether this includes the full amounts of special transfers, including top-ups to endowment and trust funds as allocated in annual Government budgets.

Mr Lawrence Wong: The Overall Fiscal Position (OFP) for each Financial Year (FY) is reported in the Revenue and Expenditure Estimates, otherwise known as the Budget Book. The OFP was $1.88 billion in FY2021, $1.72 billion in FY2022 and -$2.55 billion in FY2023. FY2024 is still ongoing and its OFP is estimated to be $0.78 billion. As set out in Table 1.1 of the FY2024/2025 Budget Book, the line item "special transfers, including top-ups to endowment and trust funds" contributes to overall expenditure and, consequently, the OFP.