00:00 The first thing the President has to understand is the nature of the crisis.
00:04 Is this for the short term or is this a crisis where we can't actually see the end of the
00:09 crisis, we can't see the bottom to the crisis?
00:13 The second key to allow for the reserves to be used is useful only where you cannot see
00:22 the end of the crisis and you can't see the bottom to the crisis.
00:27 But secondly, the money has to be spent wisely and that means not just helping people to
00:33 survive which is of course very important, our firms, our SMEs and Singaporeans to survive
00:38 the storm, but to build strength in a crisis so that we emerge even stronger.
00:44 That's critical to the wise use of our reserves in a crisis.
00:49 But thirdly, it's got to be fair.
00:51 If we're using our reserves in a crisis, if we're going to spend monies on Singaporeans
00:57 and firms, it's got to be distributed fairly.
01:00 So if you're saving jobs, you've got to make sure we help lower income Singaporeans, middle
01:05 income Singaporeans, build up strengths for the recovery, build up new skills, new capabilities
01:11 for the recovery.
01:12 Don't just favour the big firms, don't just favour those who already have it good.
01:17 Be fair.
01:18 Thank you, Mr Tharman.
01:21 Mr Tan, you are next and your time starts now.
01:25 The two key factors, I have two factors.
01:29 The first is, is this use of the reserve in the interest of the people?
01:37 And the second factor I will consider is, is this a proper use of the reserves?
01:44 For example, is it spent unwisely or is it spent wisely?
01:50 For example, our biggest use of past reserves was during the COVID.
01:55 A large sum of money was set aside and there was some part of the money that went into
02:04 banks that were making huge profits and they were given a subsidy by the government.
02:12 I consider that to be not suitable use of the reserves.
02:17 And I don't want to say that this is looking back at the benefit of hindsight.
02:22 I think the President should have the ability to understand what is proper use and what
02:30 is the wrong use of the reserve.
02:33 So I will certainly want to examine carefully, is this good for the people and is this the
02:42 proper use of the reserves?
02:44 Thank you.
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