Finance Ministry can borrow S$170b moreby CHANNEL NEWSASIA
04:46 AM Apr 10, 2012
Parliament has authorised the Ministry of Finance to borrow a further S$170 billion, raising the ceiling for issuing government securities to S$490 billion.
Eighty per cent of the increase will be issued to the Central Provident Fund to meet its investment needs, while the remaining 20 per cent will go to the Monetary Authority of Singapore, for the issuance of Singapore government securities.
The last increase was approved by Parliament in 2009, when the limit was raised from S$250 billion to S$320 billion.
Minister of State for Finance Josephine Teo said: "The increase in special government securities was faster than expected as the economy recovered very rapidly ... exceeding the expectations.
"As a result this initial borrowing limit, or issuance limit that we sought in 2009, is going to be reached much earlier than we expected."
http://www.todayonline.com/Hotnews/EDC120410-0000095/Finance-Ministry-can-borrow-S$170b-more
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