【环球财经】 研报显示新加坡公债率虽高但具净资产优势 举债主要用于投资

Core Viewpoint - The AMRO report indicates that despite Singapore's public debt being approximately 173% of GDP, this does not imply a weak fiscal position, as the country maintains a net asset position and the majority of its debt is not for recurrent spending [1][2]. Group 1: Public Debt Structure - Singapore's public debt is entirely domestic and categorized into "non-expenditure" and "specific expenditure" purposes [1]. - Most of the debt is issued under the Government Securities (Debt Market and Investment) Act, with funds primarily allocated for investment rather than consumption [1]. - This includes special government bonds for Central Provident Fund (CPF) investments and Reserve Management Government Securities (RMGS) subscribed by the Monetary Authority of Singapore (MAS) [1]. Group 2: Debt for Actual Expenditure - Only about 1% of public debt is issued under the Significant Infrastructure Government Loan Act (SINGA) for financing major infrastructure projects that meet long-term benefit criteria [2]. - The report emphasizes Singapore's strong fiscal governance and long-term planning capabilities, with a constitutional requirement for budget balance in each term [2]. Group 3: Fiscal Health and Credit Rating - The high total debt reflects Singapore's focus on long-term fiscal frameworks, with government assets sufficient to cover liabilities [2]. - This robust net asset position supports Singapore's AAA sovereign credit rating from international rating agencies such as S&P, Moody's, and Fitch [2].