Reserves can only be accessed when you 'can't see the end of the crisis', Tharman says

Presidential candidates Ng Kok Song, Tharman Shanmugaratnam and Tan Kin Lian addressed the factors they'd take into consideration when granting access to the reserves in a forum organised by CNA on Monday (Aug 28) night.

They were responding to the question of what factors they would consider — beyond what the government informs them — before they would give the go-ahead to use funds from past reserves.

Tharman, 66, expressed that the first step that the president must take is understanding the crisis.

"Is this for the short-term, or is this a crisis that we can't actually see the end of... The second key to allow for the reserves to be used is useful only where you cannot see the end and bottom to the crisis," Tharman said.

Next, the money has to be spent wisely — it should allow Singaporeans to "survive the storm" and to "build strength", so that they emerge even stronger after going through a crisis.

The use of these funds must also be fair, Tharman stated.

"If they're using our reserves in a crisis... it's got to be distributed fairly," he said.

"If you're saving jobs, you've got to make sure we help lower-income and middle-income Singaporeans build up strengths, new skills and new capabilities for the recovery.

"Don't just favour the big firms, don't just favour those who already have it good — be fair."

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Tan, 75, stated two of his key factors: whether the usage of the reserves would be in the interest of the people and whether it's a "proper use" of the reserves.

The president ought to have the ability to understand what proper use of the reserves would be, he said.

Meanwhile, Ng, stressed that past reserves are meant to benefit the present and future generations of Singaporeans .

Therefore, he felt it would be necessary to ask what the total size of the reserves are, and how much of it would be withdrawn by the government.

He also agreed with Tharman's opinion that the nature, depth and duration of the crisis ought to be understood.

Moreover, the government needs to have exhausted "possibility of raising revenues from other areas" before approaching the president to draw on the past reserves, Ng said.

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khooyihang@asiaone.com

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