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Second Reading Speech By Mr Lim Hng Kiang, Second Minister For Finance, On The Development Fund (Amendment) Bill 2004, at The Parliament, 15 June 2004

16 Jun 2004

1. Mr Speaker, Sir, I beg to move, "That the Bill be now read a second time."

2. Mr Speaker, Sir, this Bill seeks to provide for expenditure on investments of moneys in the Development Fund to be paid directly from the Development Fund.

3. Expenses on investment are currently apportioned to the Consolidated Fund, the Government Securities Fund and the Developmental Investment Fund. However, in the case of the Development Fund, these expenses are not apportioned to the Development Fund but to the Consolidated Fund.

4. The Development Fund Act is therefore being amended to allow the expenses on investment to be appropriated from the Development Fund like the other Funds. This is in line with our move to assign costs correctly so that the financial statements of government agencies will more accurately reflect their financial performance,

5. Sir, I beg to move.