extraordinary times call for extraordinary measures meaning

We recognise the urgency of the situation and financial distress that members and consumers are facing and have had to make difficult decisions which won’t satisfy everyone. The private sector and corporations too have stepped forward.Individuals are doing their part - vloggers and bloggers are helping to share public messages, others are volunteering, giving support and encouragement and, crucially, by complying with health advisories and practising safe distancing. We will need to continue to review our expenditure plans very carefully in this fluid situation. With highly integrated global supply chains, a disruption in any one part of the chain, or in any one country, will have knock-on effects worldwide.On the demand side, aggregate demand has fallen as people stay home and curtail spending. There are things happening in this pandemic that were inconceivable at the start of the year, and these extraordinary times call for extraordinary measures. In the past few years, we benefited from unexpected revenue upsides, such as exceptional statutory board contributions from MAS and increased stamp duty collections.

At that time, there were 800 confirmed cases outside of China.The outbreak has escalated quickly. Because we have been prudent and did not decide to spend all of the surplus that we collected, we are ready to meet such downsides.We can expect significant volatility in the economy, and in financial markets, in the near future. But a log-in is still required for our PDFs.Share gift link below with your friends and family.They can read the article in full after signing up for a free account.All done! Our healthcare and front-line workers are working tirelessly to care for the infected. It is a "black swan" event that comes only once every few decades.In view of the exceptional circumstances, the Government has sought the President's in-principle support to use past reserves to fund part of the package.The Covid-19 situation is fluid and fast-moving, and nobody is quite sure how it will develop. As it turned out, the guarantee was not triggered, and there was no draw on past reserves.The Covid-19 pandemic, and the multiple threats it poses to our nation, is the sort of event that we had accumulated reserves for.We have saved up for a rainy day. Families have had to make difficult adjustments to their lives, some having to undergo quarantine, cancel celebrations or put off other long-awaited plans, including wedding plans.And despite our best efforts to work with businesses and unions to save jobs, some workers have suffered a loss of income or jobs.The Government and the political leadership are in this with Singaporeans. Sentiment-driven revenues may come down sharply.While revenues are coming down, our expenditure will be going up, to enable us to respond effectively to the crisis. And we will stand with Singaporeans of all walks of life to battle this crisis, together.We are all in this together. Extraordinary Times Call For Extraordinary Measures By Rand Fishkin March 17, 2020 There can no longer be doubt: the majority of people in advanced economies are living through the most life-altering event of the last forty years. We will take care of our people. ‘Didn’t Beckham have one in 2004?’As the trend spreads from men in marketing agencies and website designers, to people in normal jobs, including sixth-form teachers and at least three vicars, Boris Johnson is drawing up legislation to cull the Man-bun.‘Actually he wants to cull the wearers,’ said a Home Office insider, ‘and hang the Man-bun on the spiked gates of Downing Street.
This has, so far, helped to keep the number of cases at manageable levels during the first wave.However, as much as we try, the Covid-19 pandemic is likely to take at least a year to be resolved, and the economic repercussions would last even longer. We will do our best to anticipate and respond to developments, make decisions based on facts and evidence, and exercise judgment when there are trade-offs.While we attend to the immediate and urgent tasks, we will set our sights on the long term, so that Singapore comes out of this crisis stronger as a nation.We will protect and advance the well-being and livelihoods of Singaporeans. It added that it expects a recession at least as bad as during the 2008 global financial crisis.Global financial markets are being roiled by the mounting uncertainties and cutback in economic activity. Our cleaners are doing humble but heroic work to keep our environment clean.Thousands of public officers are working round the clock to respond to the threat of Covid-19. As an open economy that is highly integrated with the global economy, we will be deeply impacted by these global shocks.Based on advance gross domestic product (GDP) estimates released this morning, in the first quarter, the Singapore economy contracted by 10.6 per cent quarter on quarter, or 2.2 per cent year on year, reversing the 0.6 per cent growth in the previous quarter.This morning, the Ministry of Trade and Industry further downgraded Singapore's GDP growth forecast for 2020, from a range of minus 0.5 per cent to 1.5 per cent announced last month, to between minus 4 per cent and minus 1 per cent.This extraordinary situation calls for extraordinary measures.Last month, I committed $6.4 billion in the Unity Budget towards the Stabilisation and Support Package, the Care and Support Package, and to support our front-line agencies.Today, I will introduce measures worth over $48 billion in this Resilience Budget, to deal decisively with the situation at hand. All political office-holders will take an additional pay cut of two months, altogether a three-month cut in their salary.The President, Speaker and both deputy Speakers have informed me that they will join in, and take a similar three-month pay cut in total.It is in times of crisis that the true character of a nation can be seen.The months ahead will not be easy, as the situation continues to evolve dynamically and unpredictably. Should it become necessary, I am prepared to propose to the President further draws on past reserves to deal with the situation. Our fiscal position will be affected from both the revenue and expenditure sides.With a weak GDP outlook, our revenues will be affected. And we must all look after one another in these trying times.This is the essence of who we are as a nation. This is the essence of who we are as a people. We cannot hope to rely on a repeat of this.

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