Singapore will set aside about 30 percent of its total budgeted expenditure for the 2019 fiscal year to support defence, security and diplomacy efforts, Finance Minister Heng Swee Keat said on Monday in an annual budget speech.
Heng, presenting the government budget for the fiscal year starting on April 1 in parliament, also said the quota for foreign workers in the services sector will be reduced in coming years.
The budget proposal comes after data showed Singapore's economy grew at its slowest pace in more than two years in the fourth quarter, and its trade ministry warned that manufacturing is likely to face significant moderation this year. [nL3N20A02N]
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