TOKYO – The Singapore Government is ready to roll out measures beyond what was announced at Budget 2026 should the need arise, following the situation in the Middle East, said Prime Minister Lawrence Wong on March 18.
It has the resources to do so decisively and quickly, but for now, households and businesses will feel the effects of the already-announced measures soon, he said.
These include utility rebates and various business assistance measures.
“We want to see these being implemented first,” said PM Wong. “And then we will continue monitoring the situation because… it’s very fluid, and we are looking at all the different possibilities and contingencies that can happen.”
He was speaking to Singapore media during his three-day official visit to Japan where he and his counterpart Sanae Takaichi announced upgraded ties to a strategic partnership that includes more cooperation in energy and the green transition.
Responding to a question on whether more assistance was being considered for Singaporeans in the face of rising energy prices, PM Wong said the current situation is dynamic, given that the US military operation – originally said to be over in a matter of weeks – is now in its third week.
The US and Israel attacked Iran on Feb 28. Iran later retaliated with its own strikes, and has since also disrupted shipping through the Strait of Hormuz, which is the naval passageway for about a fifth of global oil.
PM Wong said the key question is whether the strait will continue to be blocked.
“If the Strait of Hormuz continues to be blocked for a longer stretch, I think there will be severe consequences for the entire global economy,” he said.
