INVESTMENT OF GOVERNMENT FUNDS IN FOREIGN COUNTRIES SINCE 1962

Mr Ong Chang Sam asked the Minister for Finance what amount of Government funds has been invested in foreign countries since 1962, and where.

Mr Ramaswamy (for the Minister for Finance): I am sorry, Sir, for the delay in replying.

Since 1st January, 1962, a total of ---

Mr Speaker: Order. I think the Parliamentary Secretary is aware that if he is answering on behalf of a Minister, he should preface his remarks by saying, "I have been asked to reply."

Mr Ramaswamy: Thank you, Mr Speaker, Sir, I have been asked to reply.

Since 1st January, 1962, a total of $141 million was invested by the Singapore Government in gilt-edged securities available in the London money market. These Reserve Funds are not immediately required for utilisation in Singapore. The money so invested can, at a moment's notice, be transferred to Singapore any time the Government is in need of it. This practice of investing such reserves in the United Kingdom is adopted by all Commonwealth countries - Asian, and non-Asian.