In Singapore, any withdrawal from its past reserves requires the approval of the President. While the request to the President is always made public, most of the deliberations leading up to the announcement happen behind closed doors. We trace the deliberations and speak to insiders for a first-hand account of the decision-making process behind the two rare occasions that the Singapore government made huge drawdowns of the city state’s reserves - the 2009 Global Financial Crisis and the COVID-19 pandemic.
02:43 First response to COVID
04:50 What are our reserves?
05:25 Global Financial Crisis hits Singapore
07:46 Responding to the Global Financial Crisis
10:20 Who approves a draw on the reserves?
11:32 Bringing a drawdown request to President S. R. Nathan
13:32 Responding to a rapidly-changing COVID-19 situation
16:53 Bringing a drawdown request to President Halimah Yacob
19:21 The global situation deteriorates sharply
22:11 Circuit Breaker extension means more funds are needed
22:58 The final COVID-19 bill
23:52 Reflecting on Singapore’s use of the reserves
#SingaporeReservesRevealed
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2 окт 2024