Singapore's Finance Minister Heng Swee Keat delivered his first Budget statement at the Parliament on Thursday, saying he expected an overall Budget surplus of 3.45 billion Singapore dollars (2.48 billion U.S. dollars) in the first year of the new term of government.

The expenditure is to provide immediate relief to businesses and support longer term economic transformation as well as provide targeted support to those in need and invest in developing Singaporeans.

The finance minister said that total spending is expected to increase 5 billion Singapore dollars (3.65 billion U.S. dollars) when compared with that in FY2015.

He added that the rise in expenditure in FY2016 is supported by increases in both Operating Revenue and higher Net Investment Returns Contributions (NIRC), as Temasek will be added onto Net Investment Returns framework and will be a source of revenue for the long term.

Heng reiterated that the government will tackle immediate economic pressures as well as prepare for the long term by transforming the economy in Budget 2016. The minister announced the Industry Transformation Program (ITP) to help firms and industries.

Besides economic measures, Budget 2016 also covers social policies. Education, healthcare, and transport will be the three key areas for spending.

Heng also announced investment in programs like Silver Support and KidSTART, which aim to build a caring and resilient society. Endit

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