lower revenues = cash flow issues for companies.
Operations – Business operations being disrupted (e.g. Circuit-Breaker policy now in implementation)
Travel – Severely restricted and affecting all sectors, esp. T&L sector.
Regulations – Ever-changing Govt. policies to manoeuvre through
Government measures to date
Singapore's strong response has been praised internationally and represents a best practice model for governments who wish to ensure the well-being of the public while continuing to facilitate economic security.
BritCham supports all efforts undertaken by the Singapore government to date while continuing to advocate for greater support to be provided by global political and financial institutions while the global community works to solve COVID-19.
The ‘Resilience Budget’ and subsequent ‘Supplementary Resilience Budget’ highlights that the Singapore Government is continuously assessing the support needs of business and individuals. This is a welcome approach given the ever-changing landscape, as COVID-19 continues to add strain on cashflow, particularly for smaller businesses within the supply chain and the self-employed.
What government should continue to provide?
The industry is and will continue to play a vital role in the fight against COVID-19 by facilitating the delivery of essential medical equipment, such as protective clothing and masks and spare parts for medical machinery, as well as time-sensitive and perishable cargo and foodstuffs. Urgent measures do, therefore, need to be taken to prevent the failure of industry participants.
All governments should consider the following:
Ensure robustness and resilience of supply chain to enable critical goods to reach those that need them most.
Air, sea and road freight play a vital role in the battle against COVID-19 and governments are urged to provide clarity relating to the movement of freight across borders to ensure that vital supply lines remain open, efficient and effective.
Encourage the banking and financing industries to provide favourable credit arrangements to enable companies to face short-term liquidity challenges. The global economy will recover from COVID-19 and the airlines, logistics, and shipping companies will be key strategic partners in this recovery. To allow such companies to fail at this stage will be detrimental to the global rebound.