Singapore Budget 2023
The ministries that will receive the largest budgets are Defense with a total projected expenditure of $13.41 billion, Education with a projected total expenditure of $10.89 billion, and Health with a projected total expenditure of $12.59 billion. For FY 2023, total expenditure across the various ministries is expected to rise to $77.76 billion, an increase from 2022.
Infrastructure projects will account for much of the spending.
- The Health Ministry will dedicate $1.02 billion for the continued development of the Woodlands Health Campus, Singapore General Hospital’s Emergency Medicine Building and Elective Center, as well as IT infrastructure for new healthcare facilities and other major IT projects.
- The Ministry of Defense will set aside $650.23 million for construction projects previously affected by COVID-19, which includes the commencement of the development of the NS Square, a public facility to commemorate the contributions of national servicemen.
- As Singapore’s population ages, the Ministry of Sustainability and the Environment will build a new crematorium. The budget set aside for this is $46 million. A new funeral parlour complex will also be built with a $10.13 million budget.
- On the home front, the National Development Ministry will be allotted $6.52 billion, 86% will go to operating expenditure. Approximately $900 million will be reserved for development spending with $740.87 million used for public housing expenditure. $341.17 million will be set aside to upgrade public residential precincts, $220.70 million to retrofit the homes of the elderly, $69.08 million for elevator upgrading and $51.37 million for the rejuvenation of the neighborhoods.
- Other major works are in the area of public health and sanitation. A $750 million sum will be used for major drainage projects, such as the second phase of the Deep Tunnel Sewerage System ($383.38 million) and the proposed expansion of sewerage networks in the northeastern part of Singapore - Sengkang and Punggol ($12.7 million).
- The Singapore Ministry of Home Affairs is expected to spend $760 million on various development projects, which will include the Immigration and Checkpoint Authority’s (ICA) Automated Border Control System, and new 24-hour Integrated Services Centre with self-service kiosks for the public to collect documents using biometric technology.
In the area of education, training and manpower development, from the Ministry of Education’s $10.89 billion projected expenditure, $5.53 billion will go towards subsidies for students, including special education students and salaries for educators. A further $2.14 billion will be reserved to train manpower to further Singapore’s economic plans and support universities’ research efforts while $940 million will be set aside to equip students from the Institutes of Technical Education with industry-relevant and technical training for employment.
On the social and family development front, with a projected total expenditure for FY2023 at $3.1 billion, the lion’s share of this ministry’s operating expenditure, or $2.26 billion, will be allocated to programmes under its Family Development Group and Early Childhood Development Agency (ECDA).
The Health Ministry will also focus on recruitment, training and retention of healthcare works and the expansion of clinical services to ensure the smooth delivery of healthcare at the hospitals, specialist centers, polyclinics and community hospitals.
For more information, please visit https://www.mof.gov.sg/singaporebudget
U.S. companies who wish to learn more and explore opportunities may contact Ms. Luanne Theseira at the U.S. Commercial Service, Singapore. She will refer you to the relevant sector teams.