OFF-BUDGET MEASURES

Mr Leong Horn Kee asked the Minister for Finance, in view of the deteriorating economy, when will the Government announce and implement further off-Budget measures to assist Singaporeans and local industries affected by the economic downturn.

The Minister for Finance (Dr Richard Hu Tsu Tau): Mr Speaker, Sir, when the $2.2 billion off-Budget package was announced in July this year, we said that the Government would do more to assist Singaporeans if the global economic situation worsened in the coming months.

In the intervening months, leading indicators suggest that the economy has worsened further and it is likely that the third quarter results will be substantially weaker. The Minister for Trade and Industry has also noted that the events in the United States due to terrorist attacks would depress the global economy further. So the outlook is pretty gloomy.

Government has therefore been working on a second, more substantial, off-Budget package, which will be finalised when the third quarter results are known around mid-October. At that time, the full impact of the terrorist attacks on the US and its impact on our economy will be clearer.

Mr Leong Horn Kee: Sir, may I ask the Minister whether he has a more definite date as to when the off-Budget measures would be announced and if the flash estimates can be ready earlier, could the off-Budget measures be announced earlier so as to help the industries and Singaporeans?

Dr Richard Hu Tsu Tau: As I said, the estimates will be available around mid-October. I do not think, at this time, I want to give a specific date when the second package will be announced, but it will be done as soon as practicable.