SINGAPORE

Singapore has delivered a second stimulus package of S$48 billion (US$33 billion) to fight the coronavirus outbreak, drawing on national reserves for the first time since the 2008 global financial crisis. The additional spending brings virus-related relief to almost S$55 billion, or 11% of gross domestic product, Finance Minister Heng Swee Keat said. It also will widen the budget deficit for the fiscal year starting on April 1 to 7.9% of GDP, from a previous target of 2.1%. “This extraordinary situation calls for extraordinary measures,” Heng said.