Singapore’s Lee Cautions Against Burning Through Reserves
- Once reserves are gone, it will never come back, Lee says
- A Singapore banker had favored better deployment of the pile
Buildings in the business district in Singapore.
Photographer: Lauryn Ishak/BloombergThis article is for subscribers only.
Singapore needs to be mindful about not burning through reserves, Prime Minister Lee Hsien Loong said, citing risks from the recent trend of spending outpacing the government’s revenue growth.
While noting that the city-state’s reserves are sufficient for “most circumstances,” Lee told state broadcaster CNA in an interview published Wednesday that it doesn’t guarantee things will remain so in the times to come.