SINGAPORE (Mar 1): Singapore may have accumulated an estimated surplus of $15 billion during the current term of government, but this does not indicate an upcoming spending spree.

For one, the surpluses will not be used to stall an impending Goods and Services Tax (GST) hike due to happen from 2021 to 2025.

On Feb 28, in rounding up parliamentary debate on the broad fiscal principles of this year’s Budget, Finance Minister Heng Swee Keat underscored the necessity of the planned GST hike, and reiterated the government stance on saving for a rainy day.

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