The issue of the use of Net Investment Returns Contribution (NIRC) and the fiscal management of the country’s reserves has been a focal point in the past two Budget speeches and debates. The announcement of the Merdeka Generation Package (MGP) in this year’s Budget led to questions and commentary about the inter-generational fairness of the MGP. The NIRC is the single largest source of the government’s revenue, and the way in which it is utilised has implications on Singaporeans living today, and also for future generations.
How then may Singapore’s fiscal policies be understood within a context of a coherent set of principles that balance today’s needs with the concepts of fiscal sustainability and inter-generational fairness?
The discussion will start with a summary presentation of an IPS working paper of the same title, which can be found here. An executive summary of the working paper can also be found here.
Mr Lim Siong Guan, Professor of Practice at the Lee Kuan Yew School of Public Policy and former Permanent Secretary at the Ministry of Finance, will then share his views on these issues. This will be followed by a group discussion with the aim of developing a stronger understanding of the inter-generational implications of fiscal policies.