OREANDA-NEWS Singapore announced a SGD 1.5 billion ($1.08 billion) bailout package to support low-income and vulnerable categories of citizens who suffered the most from high inflation. The package of measures also provides additional assistance to local companies.

The ongoing conflict in Ukraine and continued coronavirus-related restrictions in several parts of the world have led to disruptions in supply chains, as well as rising energy and food prices, the Singapore Ministry of Finance said in a statement.

These factors led to inflation in major economies, and it turned out higher than expected. Global inflation is likely to remain high for some time and could accelerate further before it starts to stabilize, the agency said.

The key measures, announced by the authorities, provide the population with special payments of up to SGD 300 in the form of vouchers for food and services. In addition, households will receive a loan to pay for housing and communal services of SGD 100, the ministry noted.

The authorities are also implementing measures to support local businesses amid rising energy costs by co-financing investments in equipment with a higher level of energy efficiency.