If you have doubt about our
Singapore Reserves, read the following :
If you care to look into the paper prepared by a Dr Tan Khee Giap,
Head of ASEAN Economies Monitoring Unit, Nanyang Business School,
NTU, Adjunct Senior Fellow, Institute of Policy Studies, Singapore
-
the Singapore Annual Budget Surplus was as
follows:
1997 +S$5.25 Billion (8.5% GDP Growth over past year)
1998 +S$0.93 Billion (-0.1% )
1999 +S$4.88 Billion (6.9% )
2000 +S$3.98 Billion (10.3% )
2001 - S$2.70 Billion (-2%)
2002 - S$0.09 Billion (2.2%)
2003 - S$1.80 Billion (1.1%)
2004 - S$1.35 Billion (5%)
2005 ? S$0.00 Billion (5% ? )
Considering that 2004 was a bad year for Singapore, according to a
report from
Bloomberg, Temasek Holdings had a sterling
year :
Oct. 12 (Bloomberg) -- Temasek
Holdings Pte earned S$7.4 billion ($4.4 billion) in the last fiscal
year, the Singapore state-owned investment company said, revealing
details of its financial performance for the first time in its
30-year history.
Temasek, headed by Ho Ching, the wife of Prime Minister Lee Hsien
Loong, had S$90 billion of assets as of March 31, it said in its
first public annual report. It had a total return of 46 percent in
the year to March 31, 2004, compared with a Singapore dollar return
of 59 percent for the Morgan Stanley Capital International
Asia-Pacific Index, according to Bloomberg data.
Can you believe that in a bad year
when the Singapore Economy had suffered a budget deficity of
-S$1.35 Billion, Temasek Holding had reported a sterling year
performance of S$7.4 Billion ?
Is it any wonder that during these supposed critically bad years,
the Singapore
Reserves continue to grow - Yr on Yr - according to
the "available data taken from the Singapore Authorites and the
IMF" -
Gross official reserves:
2001 US$75.8 Billion
2002 US$82.3 Billion
2003 US$96.3 Billion
2004 US$112.8 Billion
2005 ??? . Note the values are in US Dollars
Will we ever know whether the above figures include the surplus
from the performance of GIC and Temasek Holdings ?
Will ever know what is the true picture of the Singapore Reserves
and the profitability or loss status in the way our Singapore
Reserves is being managed ?