Financial Response to Pandemic Singapore  Essay Sample

This essay sample is on  Financial Response to Pandemic Singapore. We will discuss the Singapore financial market in a pandemic: overview, Government Financial response to a pandemic like FISCAL policy Singapore, Singapore monetary policy, etc.

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Introduction- Financial Response to Pandemic Singapore Essay

We can all agree that the pandemic has severely affected almost every industry in the Singapore city-state. Thus, the financial market of lion-city. However, this is not our point of focus. Instead, we shall be looking into the government’s response to the pandemic. Therefore, in this sample essay, our topic of discussion shall be “financial response to pandemic Singapore”.

Moreover, this topic is undoubtedly important. Thus, we shall be providing all the necessary information related to it. For the same reason, we shall also be dividing the essay into different sections. This helps is an easier and clearer understanding of the concept.

Moving on, we shall be starting with the impact of a pandemic on Singapore’s financial market. Reason being that it is important to know before understanding the response policies to the same. Thus, without further adieu:

Main body- Financial Response to Pandemic Singapore Essay

Singapore financial market in a pandemic: overview

The financial market of Singapore is considered one of the best in the world. Similarly, the lion city’s Economy is quite strong and flexible. Regardless, the city-state saw a quick increase in covid-19 cases, much like the rest of the world. Thus, there was a considerable effect on the financial market of the same.

Consequently,  the GDP (annual) fell by 5.4% during this period. In addition to this, it affects the economy and financial market hugely. So much so that it was a large impact following the world economic crisis.

Moreover, the Government of Singapore took a three-phase solution to the pandemic. In addition to this, the government introduced several financial response policies to cope with the situation. This included FISCAL policies, as well as Monetary and Macro-Financial Response policies.

Moving on, we shall be discussing the various Financial response policies in the next section of the sample essay.

Government Financial response to pandemic

In this section of the sample essay, we shall be looking at the different response policies by the government of Singapore. This will include the policies related to FISCAL as well as the Monetary and Macro-financial.

Moving on, these policies are, as mentioned below:

1. FISCAL policy Singapore

Government authorities of Singapore introduced several policies to support FISCAL. All of the different packages amounted to a total of 92 million Singaporean dollars. In addition to this, the government provided cash payouts to different households in Singapore and additional support to lower-income and unemployed citizens.

Moreover,  In order to support businesses and workers governments provided wage subsidies, improved financial schemes, as well as provide additional aid to self-employed people.

Furthermore, Government even provided funds for expenditures needs that are unforeseen. In fact, they lifted loan capital of as much as a 22million Singaporean dollars. Other measures included aid to R&D investments, Food resilience programs, and so on.

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2. Singapore Monetary and macro-financial policy

The MAS or Monetary Authority of Singapore introduced several policies and aid programs to support their customer-facing difficulties due to the pandemic. In addition to this, it also provided a detailed plan including guidelines and measures to help SMEs and people facing difficulties related to cash flow.

Moreover, this plan can be divided into three sections. These are:

1. Aiding people to meet their loan as well as insurance-related payments
2. Allowing continued access to bank credit and insurance cover to SMEs
3. Maintaining the liquidity of the interbank fund market

Furthermore, authorities in January of 2021 introduced a plan to help micro and small firms affected by covid-19. According to this plan, the firms in need of help could use the “Simplified Insolvency Programme”. It will help them with their debts. In addition to this, they can also renegotiate certain contracts under the “Re-Align Framework”.

Conclusion:

The government of Singapore has taken the initiative to prepare for a pandemic, ensuring that there is adequate funding in place so that it can continue its operations while protecting public health. The proposed response plan includes mandatory immunization and quarantine procedures; this will be an important step towards safeguarding the country’s people against disease outbreaks. This essay provides some insight into how financial markets respond to pandemics like influenza.

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