Singapore govt presents $8.14b interim budget<\/p>\n
SINGAPORE (AFP): Singapore Finance Minister Richard Hu
\npresented to parliament yesterday an interim national budget for
\n1997 totaling S$11.4 billion (US$8.14 billion) amid uncertainty
\nover the date of the island state's next elections.<\/p>\n
Hu said the budget for the April-August period was necessary
\n\"only to provide the prime minister with flexibility\" in setting
\nan election date.<\/p>\n
Prime Minister Goh Chok Tong announced recently that he would
\nlike the parliament to run its full term of five years ending
\nJan. 5.<\/p>\n
Under the law, a general election would have to be called
\nwithin three months -- by Apr. 5 -- which falls just beyond the
\nstart of the 1997 financial year on Apr. 1.<\/p>\n
Since it normally takes a new parliament about four months to
\nfinalize a budget, an interim budget would be necessary for the
\ngovernment to cover expenses after the new financial year starts.<\/p>\n
Hu sought parliament's approval for the interim budget to
\nincorporate S$4.77 billion from a consolidated fund for operating
\nexpenses, and the remaining S$6.63 billion from other funds set
\naside for development projects and government statutory boards.<\/p>\n
Debate on the interim budget is expected next week.<\/p>\n
He said legislative authority to make payments and drawdowns
\nagainst the two funds would lapse on March 31, 1997.<\/p>\n
The minister added that if the prime minister decided to defer
\nthe holding of fresh elections until a date nearer Apr. 5,
\napproval of the full year's budget would correspondingly be
\ndelayed until the middle or end of August 1997.<\/p>\n
\"Members (MPs) should not misunderstand the amount requested
\nunder the vote on account to be a signal that the elections will
\nbe held later (rather) than earlier,\" Hu told parliament Monday.
\n\"This is only to provide the prime minister with flexibility
\nshould he decide not to hold the elections earlier,\" he added.
\nHu said his move was not unprecedented as a similar interim
\nbudget was sought in 1961.<\/p>\n
Explaining the rationale for the move, Hu said from past
\nexperience, after the elections, about two months was needed for
\nthe government to formulate its programs for the new term of
\noffice and for parliament to debate on them.<\/p>\n
Thereafter, there would be a break of one month before the
\ngovernment presented its budget proposal to parliament. The whole
\nprocess would thus take a total of about four months.<\/p>\n
\"Even if the prime minister chooses to call for elections
\nimmediately after the dissolution of parliament in the first week
\nof January 1997, the president's approval of the financial year
\n1997-1998 budget can only be obtained towards the middle or end
\nof May 1997,\" Hu said.<\/p>\n
Except for four seats, the ruling People's Action Party (PAP)
\ncontrols the 81-member parliament. It is expected to win the
\nupcoming elections by a comfortable margin.<\/p>",
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