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Sovereign Wealth Funds as Tools of National Strategy: Singapore’s Approach
Historically, our Sovereign Wealth Funds (SWFs) have protected Singapore’s security and stability by allowing the State to spend highly on defense, social programmes and intervention, as necessary, during past financial crises. As Singapore falls into recession amid the Covid-19 pandemic, with a record contraction of 13.2 percent and a drop in total exports and imports, we can once again look to our SWFs to buoy us through.
Insight Report Synopsis:
- The SWFs are a base on which our country has built itself economically, militarily, and socially.
- Singapore was able to weather the 1997 Asian Financial Crisis and the 2008 Global Financial Crisis through the Government’s utilisation of national reserves — that had been backed by the SWFs.
- SWFs are but a tool; responsible governance and competent leadership is necessary to direct them in service of the nation and its people.
The Future-Moves Group offers a case study, dated 2013, on Singapore’s historic experience with Sovereign Wealth Funds and how the state has wielded them to ensure domestic stability in a crisis.
August 2020
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