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Singapore budget aims to cushion 'brutal' inflation with subsidies

Wary of deficit, city-state is also seeking to beef up its tax revenues

Singapore is looking to cushion inflation, among other priorities, with its next budget.   © Reuters

SINGAPORE -- Singapore will increase subsidies to households by 3 billion Singapore dollars ($2.26 billion) to help offset rising living costs and a higher sales tax, the government announced on Tuesday.

The budget for fiscal 2023, unveiled by leader-in-waiting and Deputy Prime Minister Lawrence Wong, shows how the city-state plans to navigate an uncertain post-pandemic year amid elevated inflation and slower global growth. At the same time, the government continues to emphasize building sustainable finances.

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