Minister argues Singapore doesn’t require such a body, citing current systems in place.
During the Ministry of Finance’s Committee of Supply debate on February 26, Workers’ Party (WP) Member of Parliament Jamus Lim suggested the establishment of an independent fiscal council for Singapore.
A fiscal council, Lim explained, would assess fiscal plans and performance, along with evaluating macroeconomic and budgetary forecasts. He argued that while the Ministry of Finance currently performs some of these functions, an independent council would provide non-partisan advice, scrutinizing policy proposals from both the ruling People’s Action Party (PAP) and opposition parties.
However, Indranee Rajah, Senior Minister of State for Finance, swiftly refuted the proposal, asserting that Singapore does not require such a body. She emphasized that the existing structures within the Ministry of Finance already ensure robust fiscal oversight and forecasting, making an independent fiscal council unnecessary.
