Experts: Government's swift implementation of aid packages provides reassurance

The government has launched a nearly S$1 billion aid package to mitigate the impact of the Middle East situation on transport operators, businesses and households. Amid the turmoil, Singapore plans to increase energy reserves and ensure uninterrupted power supply. NTU’s Asst Professor of Economics Chua Yeow Hwee said the global energy shock is a useful stress test for Singapore’s energy security framework, cautioning against ignoring risks despite diversified fuel sources, backup plans, and a flexible system. He added that while Singapore’s position as a global oil trading and refining centre is an advantage, it would not be immune if the crisis escalates.

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