1. The Statement of Assets and Liabilities (SAL) is part of the Government Financial Statements (GFS) that are submitted to Parliament at the end of each financial year in accordance with the Constitution.

2. Government's total financial assets as reflected in the SAL in the GFS do not represent the size of our national reserves.

3. The Government’s total financial assets record the gross assets comprising cash and investments that are set aside in funds and deposit accounts for deployment in accordance with legislated or intended purposes. Assets include monies raised from Government borrowings such as the Special Singapore Government Securities issued to the CPF Board. 

4. The Government’s total financial assets is thus not a proxy for our national reserves.*

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*Singapore is a small country without any natural resources and highly dependent on imports – our reserves serve as a strategic defence to protect the Singapore dollar from speculative attacks and bolster confidence of investor and citizens. To read more about our national reserves, visit www.mof.gov.sg/policies/reserves/what-comprises-the-reserves-and-who-manages-them.