Use of Information In Crafting Financial Policies

Date: 22 February 2010

Parliamentary Question by Mdm Ho Geok Choo:

To ask the Minister for Finance (a) what sources does the Government rely upon to obtain information used in determining financial policies; (b) whether the reliance is on local researchers, top professors and experts on the subject matter or World Bank reports; and (c) what criteria are used to assess the quality of information obtained.

Reply by Finance Minister Tharman Shanmugaratnam:

1. In determining financial policies, the Government looks at an extensive range of financial, economic and social information and data from a wide range of sources, both within Government and outside, local and abroad. These include but are not limited to statistics, studies, analyses and reports from public agencies, international bodies like the IMF and World Bank, academics, research organizations, and private sector analysts. Wherever relevant, the Government also actively consults and seeks inputs from all stakeholders, including businesses, investors, unions and the public.

2. When formulating financial policies, we would form our assessment by exercising judgment after taking into account the multiple sources of information and inputs, performing our own analysis and weighing the financial implications against our resources. We always endeavour to consider our policies holistically, looking at issues from various perspectives.