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Overview of Singapore Government Borrowing 2025

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Fiscal Policies

20 June 2025

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Some observers have pointed out that the Singapore Government has a high level of debt vis-à-vis Singapore’s GDP. Some wonder why this is so, given that the Government runs a balanced budget.

This note explains why the Government borrows, notwithstanding its healthy financial position.

Overview of Singapore Government Borrowings

Readers may also wish to refer here for more information on the Reserves Management Government Securities (RMGS).

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