S'poreans are both beneficiaries and stewards of past reserves: PM Lee

He says it’s important to resist pressures to use them; do it only when really necessary

- Tham Yuen-C

Sacrifice and careful husbandry by earlier generations was how the Republic built up its nest egg of past reserves, and the current generation should see themselves as not just beneficiaries but also trustees who protect this inheritance for future Singaporeans, said Prime Minister Lee Hsien Loong.

The past savings were built up at a unique time in Singapore's history when it could set aside budget surpluses, and if they are gone, it will not be possible to build them up again, he stressed.

This is why it is important to have the "right instincts": to save where possible, to resist pressures to use the reserves, and to unlock them only when really necessary, he said.

PM Lee was speaking in Parliament on Feb 7, amid calls by opposition MPs for the Government to use more of the reserves.

"We must not erode the patrimony, this family treasure, which we have inherited from our forefathers, nor should we burden future generations with debt nor mortgage their future," he added.

This compact of protecting the reserves has been forged across generations of Singaporeans, and had also been upheld across both sides of the House, he said.

He reiterated the Government's long-held stance on the reserves in response to a call by Progress Singapore Party (PSP) Non-Constituency MPs Leong Mun Wai and Hazel Poa for the Government to review its current budget and reserves accumulation policies.

The two NCMPs had proposed that more of the reserves be used to "help present-day Singaporeans reduce their financial burdens and improve their quality of life".

They were joined in this by Leader of the Opposition Pritam Singh and Workers' Party (WP) MPs, who repeated their party's position that using more investment returns would not jeopardise growth of the reserves.