For strange reasons, the PAP has refused to disclose the size of our past reserves.
For stranger reasons, past reserves could be depleted/kosong but Singaporeans will still be informed that the funds are still there.
According to MOF:
Assuming past reserves to be $300 billion and $4 billion the realized loss in UBS, how could there not be any draw when the balance is now $296 billion?
A draw is understood to be a decrease in balance, be it the result of a realized investment loss or funds used for other purposes.
So, does this mean that if GIC has $100 billion in realised investment losses and has used another $100 billion to fund infrastructure construction, Singaporeans will be told by PAP that the government did not draw on past reserves and that the balance is still $300 billion?
It’s about time President Halimah does her job and disclose the tens of billions that have quietly left our reserves. Or have been lost.
Failure to do so will likely suggest we have ‘1GIC’ in our own backyard.