Fxstreet.com, 21 Oct 2008, Reuters
SINGAPORE, Oct 21 (Reuters) - Singapore's parliament voted on Tuesday to amend the city-state's constitution to allow the government more access to the country's reserves to cope with a faltering economy, local media reported.
The changes to the constitution will allow the government to draw on more returns from investing the reserves, so that its income can keep pace with rising expenditure, reported the pro-government newspaper The Straits Times on its website.
Official flash estimates showed this month that Singapore's economy contracted at an annualised rate of 6.3 percent in the third quarter after seasonal adjustments, pushing the export dependent economy into recession for the first time since 2002.
Read More
Related News:
Singapore amends constitution to cope with recession - Yahoo News, 21 Oct 08
