1/23/2014

Why pay so much to World Bank

‘The Deputy Prime Minister and Minister for Finance is seeking Parliament’s approval to increase Singapore’s membership subscription limit to the International Bank for Reconstruction and Development (or IBRD) from the current US$40 million to US$672 million….
 

Our current subscription limit is US$40 million. This limit has not changed since 1966, when we were much smaller and poorer. Considering our economy has grown a lot since then, our current subscription appears relatively low. We have one of the lowest subscriptions among the 188 member countries in the World Bank.
 

Having said that, the quantum of the proposed increase in our subscription limit is not small. It is going up from US$40 million to US$672 million – an increase of almost 17 times. Can I ask the DPM how the Government arrived at this quantum?’ Gerald Giam’s speech in Parliament
 

Contribution to the World Bank to do good is a good thing. What is US$672m when we have billions in our reserve? We are giving away $210m as tuition grant to foreign students studying in Singapore and the total amount, including all things, could be double or more of this sum annually. Another US$672m is ‘sup sup sway’. When there is so much money around, just spend lah.
 

Gerald Giam is asking the DPM how this sum is derived? Does it matter? I can give one hundred and one explanations but what does it mean? Nothing. What is enough, not enough or too much is relative. It is like eating in a hawker centre, food court or restaurant kind of argument.
 

What matters is how is this sum going to be funded? From taxes, ERPs, SWF’s revenue, from CPF, the casinos or where? The money must come from somewhere and someone has to pay for it. Even though it is nothing compares to the billions to be spent on the pending purchase of F35 aircraft, it is still money that could be put to better use. We spent $4.3b for a 5km expressway! So US$672m is definitely very affordable to give away.
 

Spending OPM is easy, but don’t cause hardship to the people as this is an annual commitment and the same money can do a lot of good to the citizens. When the govt wants to be generous, let’s be generous with the citizens first, can?
 

It is US$672m man, not a small sum to the ordinary people. To those spending OPM as a habit, it is just a number and would not affect their pockets. But it will eventually affect the taxpayers and the citizens. The money must cough out from somewhere.
 

The peranakans would like so say, ‘yeow siew’ for spending such a big sum of money when it could make many citizens happy.

Kopi level - Green

11 comments:

Anonymous said...

PAP can pay as much subscription to World Bank as PAP think they (PAP) are still confident of 60% mandate next election.

Just ask, what thing will make the strongest Sinkie opposition party announce that they will contest 100% seats next election and ready to be govt?

If nothing, then anything is also 'sup sup sway' lah.





Anonymous said...

If nothing, then anything is also 'sup sup sway' lah.
Anon 8:46 am

No wonder lah.

Anonymous said...

Give the World Bank as much as you want if it comes from your own pocket. Don't act generous with the people's money and keep on taxing the people more, higher fees, CPF don't give back.

USE YOUR OWN MONEY!

Anonymous said...

hahahahahahhahhahhahaaaaa....

Everyone so generous with other people's money.

Good, good, give more, give more....



hahahahahahhahahahahaaaaaaaa....

Anonymous said...

Where is Vivian? Is he going to ask the Tharman if hawker stall, foodcourt or restaurant that he wants?

Matilah_Singapura said...

This is a fucking outrage.

@ USD40 million: $40 million/5.5 million people = USD 7.30 per man/ woman child contribution

@USD672 million: 672/5.5 = USD122.18 per man/ woman/ child

For a family of 4, the "charity contribution" = USD489

OUTRAGEOUS!

Anonymous said...

dun con-tribute;

how to have dick-nity to face foreigners?

knnccb ... knnbccb papigs, return our cpf@55

Anonymous said...

Please don't raid our reserves. Use your own money if you are so generous.

Sinkies must wake up and stop the raiding of our reserves.

Chua Chin Leng aka redbean said...

I should have rephrased the title to 'How much do you want to give to the World Bank, $50m, $500m or $672m?'

b said...

the government should start distributing the reserves to the sinkies to deplete the reserves level to nul and then there will be no need to buy expensive jets, pay money for things that are useless to sinkies. unfortunately, in a traitors runned government, they will rather spend the money on foreigners than locals.

Anonymous said...

PAP wants to give US$672 million to World Bank to help poor people.

What about giving back our CPF money that belongs to us ... to help us because we are poor?