Clarification by Deputy Prime Minister
Ministry of FinanceSpeakers
Summary
This clarification concerns a factual correction provided by Deputy Prime Minister and Minister for Finance Mr Heng Swee Keat regarding his remarks during the Second Reading of the Significant Infrastructure Government Loan Bill. He sought to amend his earlier statement to specify that the classification of revenue available for spending is governed by both international standards and Singapore’s Reserves Protection Framework. The Deputy Prime Minister and Minister for Finance Mr Heng Swee Keat emphasized that such classifications are not determined arbitrarily by himself or the Ministry of Finance. Instead, the government adheres to international guidelines set by the International Monetary Fund, which account for the diverse structures of global governments. This update ensures the parliamentary record accurately reflects the established protocols used for revenue categorization and the protection of national reserves.
Transcript
The following statements were in the speech given by the Deputy Prime Minister and Minister for Finance (Mr Heng Swee Keat) during the debate on the Second Reading of the Significant Infrastructure Government Loan Bill at the Sitting of 10 May 2021:
The Deputy Prime Minister and Minister for Finance (Mr Heng Swee Keat): Let me also make the important point as to why I had to stand up to say this. It is not my classification or the Ministry of Finance's classification that this constitutes revenue available for spending and this does not. We follow international standards. These have been agreed. It follows the international standard set out by the International Monetary Fund (IMF). The IMF provides for a range of ways in which certain expenditures can be counted or not counted, because the structures of governments in different countries are different. [Please refer to “Significant Infrastructure Government Loan Bill”, Official Report, 10 May 2021, Volume 95, Issue No 29, Second Reading Bills section.]
Written statement by Mr Heng Swee Keat circulated with leave of the Speaker in accordance with Standing Order No 29(5):
I wish to make the following factual correction to the reply given during the debate on the Second Reading of the Significant Infrastructure Government Loan Bill at the Sitting of 10 May 2021. My reply should read as follows:
The Deputy Prime Minister and Minister for Finance (Mr Heng Swee Keat): Let me also make the important point as to why I had to stand up to say this. It is not my classification or the Ministry of Finance's classification that this constitutes revenue available for spending, and this does not. We follow international standards and our Reserves Protection Framework. These have been agreed. It follows the international standards set out by the International Monetary Fund (IMF). The IMF provides for a range of ways in which certain expenditures can be counted or not counted, because the structures of governments in different countries are different.