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Singapore PM Lee reassures public amid political scandals, inflation

In remarks made on the eve of Singapore’s national day, Lee said his government would maintain “high standards of honesty, integrity, and propriety” after the anti-graft agency launched a rare investigation into a cabinet minister, and two lawmakers from the ruling People’s Action Party (PAP) were forced to resign over an inappropriate relationship.

“Let there be no doubt: my government is determined to keep our system free of corruption and wrongdoing,” he said in a televised address, wearing a shirt with Singapore’s national colours of red and white.

Singapore is due to hold elections by 2025. The PAP has maintained a grip on power since Singapore became an independent nation in 1965.

Lee also addressed rising living costs in a country already considered among the world’s most expensive.

“Inflation is still a problem for us, as it is for many countries,” he said.

Singapore’s yearly core inflation rate – which excludes private road transport and accommodation costs – eased to 4.2% in June from 4.7% in May.

Monetary Authority of Singapore (MAS) chief Ravi Menon said last month that Singapore’s inflation would ease significantly thanks to a tight monetary policy stance, but the central bank would “not switch from inflation-fighting mode to growth-supporting mode”.

The MAS left monetary policy settings unchanged in April, after tightening five times in a row since October 2021, reflecting concerns over the city-state’s growth outlook.


Source: Economy - investing.com

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