A reader, Boon Sun, kindly contributed a piece of academic writing after reading my blog post on CPF and SGS recently.

He said “I had written an article on Singapore Reserves to raise awareness of the economic importance of this asset of Singapore’s. This topic was also raised in one of the MOE/MOF budget seminar. If you think this is useful and easy to understand, you can share with your readers.”

Here is his essay in full:

National Reserves are a critical resource for Singapore’s future. Our financial
reserves are managed by the administrative branch of Government such as the Monetary
Authority of Singapore (MAS), Temasek Holdings and Government Investment
Corporation (GIC) and they serve as a strategic asset for these two key
1) They provide a key defence for
Singapore in times of crisis. Our reserves are a strategic asset should a major
crisis occur, allowing …