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

6 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.