During his address in Parliament on Wednesday (Feb 7), MP Jamus Lim asserted that Singapore's reserves are owned by the people, not the Government. He emphasized that the Government serves as a custodian of these reserves, entrusted with the responsibilities of management, growth, and distribution.
Jamus highlighted that transparency is essential as it respects the rights of the owners to be informed about their assets and ensures real-time accountability of the reserves. He questioned the current practice of concealing the portfolio assets of Temasek and GIC, stating that it contradicts this principle.
Assoc Prof Lim underscored the necessity for consultation, advocating for collective decision-making regarding the utilization of reserves with full transparency. He emphasized the importance of informed national discourse to determine the optimal use of reserves, including the Net Investment Returns Contribution and the principal amount. He condemned the lack of fair discussion on savings in a democratic society, rejecting vague assurances of government prudence and dismissing criticisms of altering reserve usage as charges of fiscal irresponsibility. He emphasized the critical need for a review to comprehend the significance of managing the people's finances effectively.
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