To avoid publicizing its revenue from historical reserves (Temasek and GIC), the Singaporean government only published domestically its operational surplus which explains why it so closely matches the IMF operational surplus. However, it shifted to the IMF standard for reporting government revenue in 2003 which covers all government revenue including revenue from such factors as Temasek and GIC. This means that the Singaporean government from 1990 to 2002 was deliberately and systematically under reporting its revenue to its citizens in its domestic accounts.
Second, this drastically, DRASTICALLY, changes the estimate for how much money Singapore, Inc. should have sitting in the bank. If we only change our estimates to use the IMF numbers which cover general revenue back to 1990, the Singapore budget numbers from 1980 to 1989, and the increases in borrowing from 1980 to 2010, then use the GIC reported earnings of 7% over this time frame, Singapore, Inc. should be sitting on $2.1 trillion SGD. Let me repeat that in case you are not absolutely shocked.
Using Singaporean provided numbers on budget surpluses, borrowing, and returns: Singapore, Inc. should have more than $2.1 trillion SGD in the bank right now. TRILLION. RIGHT NOW!! It currently reports only about $700 billion SGD. Full story
