Wednesday, June 08, 2011

Annual report from the President

Hi Kin Lian,
I read your post on publishing the government financial reserves at book and market value. This might not be a prudent move as could possibly allow other govts to eye "financial aid" from SG. How can you protect the reserves when you have to face the political pressures of external govts who require "financial aid"?

In the normal world, when an individual strikes toto/4D, they will start seeing many new friends and relatives start becoming closer to them in the hopes of gaining financial aid. I do not deem it prudent to reveal your bank account to anyone.

Most of your other comment's I would agree with you. However, just the point of revealing your country's bank account is, in my opinion, already not protecting the reserves.

The other way is to first gain the trust of the population, then issue a statement from the SG President that all the reserves are properly accounted for and leave it at that. But then again, that would depend on the trust of the population on the word of the SG President.
 
REPLY
i believe that the financial affairs of most governments around the world are quite transparent.
 

3 comments:

michael13 said...

Transparency and accountability outweigh other considerations. The rich will invite more pressures from someone who need "financial aid" is simply a "weak argument". I did not see/witness any "Big Queue" when many of my neighbours are multi millionaire.

There is so-called 'two sides of a coin' - Love and Justice. From my understanding, this is also a formula used by God to determine One's worth on 'Final Judgement Day'. Again, I stand corrected!

STG said...

Being Transparent & Accountable is not standing naked nor disclosing state secrets.

Hedge Funds and Banks publish their annual reports and do their due declarations regualarly, but they do not reveal the intimate details and confidential business secrets.

Our state owned reserve funds are well reknown. We have no shortage of "unwanted" attention and proposals for investments. However, that is the role and responsibility of the capable people managing the reserves to sieve out the chaff from the wheat and not that of the EP.

GP Blogger said...

I feel transparency is the crux of the matter, you have to have transparency to gain trust & at this phase Singpaore needs trust in its government & in its people.

not only there should be complete report of reserves but also a detailed reports on the investments of Temasek holdings & GIC.

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