PM Confident Of Another Good Year For Singapore

Source : The Straits Times, Feb 6, 2008

Country in strong position to face uncertainties, he says in his CNY message

THE new Chinese Year of the Rat begins tomorrow under more uncertain and challenging circumstances than the Year of the Pig, the Prime Minister said yesterday.

But Mr Lee Hsien Loong assured Singaporeans, in his traditional message to mark the occasion, that the country is 'in a strong position to weather any storm'.

'In the Chinese zodiac,' he said, 'the Rat symbolises wit, imagination and resourcefulness. Let us harness our creativity and ingenuity to tackle the challenges that lie ahead.

'Then despite the difficulties that come our way, we can all look forward to another good year for Singapore and for ourselves.'

Mr Lee recapped the economy's sterling progress last year, when it powered ahead to its fourth consecutive year of robust growth and created a record 237,000 jobs.

However, the external environment has changed, with turbulence in the global financial markets and a slowdown in the United States economy.

There is therefore a need to 'gird ourselves for further uncertainties ahead', but he also urged continued confidence as Singapore is in a strong position to tackle challenges.

FESTIVITIES BEGIN: Giant illuminated rats greet visitors to the River Hongbao festival at the Esplanade Park. The event kicked off yesterday and ends next Saturday, It will feature displays of the 12 animals of the Chinese zodiac and cultural performances. There will also be firework displays at midnight today, and at 9.30pm tomorrow and on Friday. -- ST PHOTO: DESMOND WEE

In the face of public concern over rising food prices, Mr Lee reiterated that the Government has the resources to help ease the burden on the poor and elderly.

The Budget statement on Feb 15 is expected to include measures to do so.

But he also stressed that the Government cannot provide subsidies for basics such as rice and cooking oil as these will lead to 'artificial shortages, queues and a black market'.

This is the second time in three days Mr Lee has spoken on the cost-of-living issue.

He again noted that rising costs are due to soaring food and fuel prices worldwide, trends Singapore as a small, open economy cannot escape.

He pointed out the ways in which the Government has directly helped those in need, through programmes like the Workfare Income Supplement Scheme, which made its payout last month. About $150 million was given to 290,000 low-income workers.

Mr Lee also dwelt on the importance of family ties, the Chinese New Year traditionally being a time for reunion dinners and visits to relatives.

Building on the 2004 pro-family measures, he said the Government is studying practical matters to see how it can create an even friendlier environment for having and raising children. They include childcare facilities, flexible work options and parental leave.

The Prime Minister ended his message by wishing all Singaporeans a happy and prosperous Chinese New Year.