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Singapore Provides Extra Support for Construction, Marine Sector

Bloomberg logoBloomberg 4 days ago Saket Sundria
a wooden boat in a harbor next to a body of water: Gantry cranes stand next to shipping containers at the Port of Singapore in Singapore, on Friday, March 27, 2020. Singapore delivered a second stimulus package of S$48 billion ($33 billion) to fight the coronavirus outbreak, drawing on national reserves for the first time since the global financial crisis to support an economy heading for recession. © Bloomberg Gantry cranes stand next to shipping containers at the Port of Singapore in Singapore, on Friday, March 27, 2020. Singapore delivered a second stimulus package of S$48 billion ($33 billion) to fight the coronavirus outbreak, drawing on national reserves for the first time since the global financial crisis to support an economy heading for recession.

(Bloomberg) -- Singapore will provide an additional S$320 million ($233 million) of support for firms in the construction, marine shipyard and process sectors, the government said Saturday.

That’s on top of a S$1.36 billion aid package announced in June.

“The majority of an estimated 15,000 firms in the construction, marine shipyard and process sectors continue to face financial difficulties as they are unable to resume work due to Covid-19 measures,” Singapore’s Ministry of Manpower said in an emailed statement.

The city-state aims to complete coronavirus testing of most foreign workers in dormitories by early this month, allowing more companies in the construction sector to resume operations. Prime Minister Lee Hsien Loong said last week that the government will “do our best” to save jobs and help restart businesses.

Under the new measures, the payment of foreign worker levies will be waived until September and then only gradually reintroduced.

“Cashflow is a major concern, especially since payment is tied to completion milestones and firms still have high overheads,” Manpower Minister Josephine Teo said in a Facebook post.

While “workers are already progressively allowed to resume work, it will take some time for the situation to fully stabilize,” she said.

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