Singapore plans to rein in its budget deficit as the economy recovers, while digging deeper into government reserves for a new S$11bn ($8.3bn) package to help households and businesses rebound from the Covid-19 pandemic. “Even as our economy recovers gradually and some sectors grow well, some other sectors remain stressed,” Deputy Prime Minister Heng Swee Keat said yesterday in the annual budget speech to Parliament. “Our fiscal approach must strike a careful balance between addressing our immediate needs and meeting our longer-term structural needs in a responsible manner.” The new package comes after Singapore’s economy endured its biggest-ever contraction in 2020, with gross domestic pro
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