SINGAPORE, Oct. 5 (Xinhua) -- Singapore has dedicated around 100 billion Singapore dollars (73.5 billion U.S. dollars) to support Singaporeans and businesses amid the difficult time brought about by the COVID-19, Singapore's Deputy Prime Minister Heng Swee Keat said in Parliament Monday.

"Our guiding principle is prudence, not austerity. We will continue to invest decisively in our national priorities, with a deep commitment to leave behind a better future for our children," said Heng, who is also the finance minister.

For this financial year, the government's operating revenues are expected to be 16 percent lower than initial estimates presented at the budget in February this year, Heng said, adding that revenue collections are expected to fall across all categories.

"We are starting this new term of government from a most challenging fiscal position," he said.

He also noted that more details on when Singapore will enter the third stage of its phased reopening will be released by the multi-ministry task force in the coming weeks.

"Given the great uncertainty ahead, we have to remain vigilant, work in close partnership, and continue to adapt as we plan and move ahead," he said.

Heng made the remarks in a ministerial statement on an overview of the progress of Singapore's fight against COVID-19, its fiscal position, and strategies for the country to emerge stronger from this crisis.

To further reopen safely in the coming months, Singapore is adopting a four-pronged strategy to put itself in the best position to fight COVID-19, he said.

These four areas are securing early access to effective vaccines, enhancing testing capabilities, conducting swift contact tracing and isolation of infected individuals, and adhering to safe management measures, Heng added. Enditem

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