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Understanding Singapore Government’s Borrowing and its Purposes

Singapore Government’s borrowing is fiscally sustainable. This can be partly attributed to the following features:

  1. Borrowings are not for spending. Securities are issued for reasons unrelated to the Government’s fiscal needs. Singapore Government Securities (SGS) are issued to develop the domestic debt market, Special Singapore Government Securities (SSGS) are issued specifically to meet the investment needs of the Central Provident Fund Board and Singapore Saving Bonds (SSB) are issued to provide individual investors with a long term saving option.

  2. Borrowing proceeds are invested and the investment returns are more than sufficient to cover the debt serving costs.

  3. The Singapore Government has a strong balance sheet that has assets well in excess of its liabilities. Singapore has consistently achieved the top credit ratings of AAA from the 3 main credit rating agencies. Additionally in the Q12016 BlackRock Sovereign Risk Index report, Singapore ranked 2nd in terms of credit worthiness as they recognize our net asset position, rather than gross debt levels.


Read about the unique nature of the borrowing of the Singapore Government ( 493kb)

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Last Updated on December 04, 2017
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