SINGAPORE (Feb 11): The government’s operating revenue, which includes corporate income tax, personal income tax and GST, has nearly tripled from fiscal year 2005 to FY2017, rising from almost $28.2 billion to $75.2 billion. But that would not have been sufficient to fund its soaring fiscal expenditure as well as hefty special transfers including top-ups to endowment and trust funds. So, how did Singapore manage to fund the huge increase in fiscal expenditure? Quite simply, by leaning harder on its reserves.

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