For instance, smaller-scale infrastructure, such as localised flood barriers, can be funded from the budgets of ministries, while funds for “long-lived major infrastructure” like sea walls can be borrowed “to spread the cost across the generations which will benefit”, said Second Finance Minister Lawrence Wong in Parliament on Tuesday .
“The reclamation of land is in essence a conversion of past reserves from financial assets to State land. The use is not a draw on past reserves,” he explained, noting that such use is in accordance with the Reserves Protection framework, which is agreed between the president and government. He was responding to a parliamentary question filed by Nominated Member of Parliament Associate Professor Walter Theseira on the extent to which past reserves will be applied to the climate change costs announced by Prime Minister Lee Hsien Loong at this year’s National Day Rally.
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