Singapore’s 2022 budget statement to be presented to parliament on February 18
SINGAPORE: Singapore’s budget statement for 2022 will be presented by Finance Minister Lawrence Wong on February 18 next year, the Ministry of Finance (MOF) announced on Thursday December 30.
The budget statement will be broadcast live on TV and radio, and a live webcast will also be available on the Singapore budget website. The full statement will be posted on the budget website after delivery.
Real-time updates of key announcements will be posted on the ministry’s Facebook page and Twitter account.
Singaporeans can continue to submit their views and suggestions for Budget 2022 on REACH’s microsite, as well as its online listening points, until January 17, 2022.
“MOF is also partnering with the People’s Association (PA) and its grassroots organizations in their Ask Kopi Kakis #shareyourviews virtual engagement platforms to seek the views and suggestions of the public in a convenient and safe way,” said he declared.
Details of the Ask Kopi Kakis #shareyourviews virtual engagement platforms are available online.
“We continue to encourage Singaporeans to share their views and suggestions on issues relevant to the 2022 budget.”
The budget process begins at the start of the fiscal year in April.
Discussions take place throughout the year within MOF and other agencies, during which considerations such as national priorities and financial sustainability will be taken into account.
These discussions are then open to public debate via online and offline channels. Comments are reviewed and used to shape the eventual range of the budget.
Cabinet then approves the budget, and the statement is made by the Minister of Finance in February. The supply bill is also introduced and Parliament debates the budget statement.
The Minister of Finance then delivers the summary speech, clarifies questions from parliamentarians (deputies) and summarizes the budget. Parliament then sits as a committee of supply to examine the plans of each ministry.
After the conclusion of the Supply Committee, the Minister of Finance delivers the second and third reading of the supply bill. Parliament will then vote on the bill.
If the President approves the bill, it becomes a law called the Supply Act. This controls government spending in the coming fiscal year.