Singapore announces about new financial support of $ 5.8 billion

Singapore has decided on the additional support of $ 8 billion ($ 5.8 billion) to cushion the blow from the coronavirus pandemic, expand payroll subsidies and support the hard-hit aviation and hospitality sectors. The last time the state provided the aid package was three months ago. The activities will be partly financed from unused costs from previous budgets and will not require additional funds.

The Singapore dollar gained 0.12% on the day to hit 1.3692 against the US dollar as of 5:53 pm in Singapore. Export data published from the Department of Trade and Industry on Monday showed preliminary signs of a recovery in July, with non-oil domestic shipments surging 6% from the same period last year, beating estimates for the second straight month, as reported Bloomberg.