Singapore President Grants In-Principle Approval For Govt to Draw on Reserves

Singapore’s president has in principle permitted the government to draw on the country’s reserves for the first time in more than a decade.
The last time that the government took such action was in 2009 during the global financial crisis.
“The situation we are heading into looks more like a thunderstorm than a drizzle,” President Halimah Yacob said on Thursday.
The downturn will likely last longer than the ones experienced during either the SARS outbreak or the GFC, she said.
First-quarter GDP data earlier showed that Singapore’s economy contracted 10.6% on quarter in seasonally adjusted, annualized terms.