Cabinet minister and NTUC’s Secretary General Lim Swee Say is confident that Singapore will be able to replenish the S$4.5 billion drawn from the reserves over two to three years. He said Singapore makes sure that every dollar is put to good use and every extra dollar is put back into the reserves.
So is he saying the realised losses on Merrill Lynch (may have totalled US $4.6 billion) and Barclays (possibly 800 million pounds) were a good use of the reserves? BTW they total S$8bn at today’s rates. Almost more than double the amounts drawn down for WorkFare.
More to the point, how long will Temasek need to make up for the losses on just these two stocks? Remember its profits have fallen two years running.