Clause 20

No debt, guarantee or loan shall be incurred, given or raised by the Government —

under the authority of any resolution of Parliament unless the President concurs therewith;

under the authority of any law to which this paragraph applies unless the President concurs with the incurrence, giving or raising of such debt, guarantee or loan;

except under the authority of any other written law; or

in any other case, except with the concurrence of the President.(2) The President, acting in his discretion, may withhold his assent to any Bill passed by Parliament providing directly or indirectly for the borrowing of money, the giving of any guarantee or the raising of any loan by the Government if, in the opinion of the President, the Bill is likely to draw down the reserves of the Government which were not accumulated by the Government during its current term of office.(3) It shall be the duty of every public officer to inform the President of any debt, guarantee or loan which to the knowledge of the public officer is to be incurred, given or raised by the Government otherwise than under the authority of law.(4) The laws to which clause (1)(b) applies are —

the Asian Development Bank Act [Cap. 15];

the Bretton Woods Agreements Act [Cap. 27];

the External Loans Act [Cap. 102];

the Financial Procedure Act [Cap. 109];

the International Finance Corporation Act [Cap. 144]; and

the Loans (International Banks) Act [Cap. 164].Consolidated Fund

No moneys shall be withdrawn from the Consolidated Fund unless they are —

charged on the Consolidated Fund;

authorised to be issued by a Supply or Supplementary Supply law; or

authorised to be issued by a resolution passed by Parliament under Article 148B with which the President concurs.(2) No moneys shall be withdrawn from the Consolidated Fund except in the manner provided by law.(3) Clause (1) shall not apply to any such sums as are mentioned in Article 147(2)(b) (i), (ii) or (iii).(4) No moneys in the Development Fund shall be withdrawn —

except for any one or more purposes specified in any written law, being purposes necessary or related to the development of Singapore; and

unless authorised to be issued by a Supply or Supplementary Supply law.Annual estimates and financial statements147.—

The Minister responsible for finance shall, before the end of each financial year, cause to be prepared annual estimates of revenue and expenditure of Singapore during the succeeding financial year which, when approved by the Cabinet, shall be presented to Parliament.(2) The estimates of expenditure shall show separately —

the total sums required to meet expenditure charged on the Consolidated Fund;

the sums respectively required to meet the heads of other expenditure for the public services proposed to be met from the Consolidated Fund, except the following sums:

sums representing the proceeds of any loan raised by the Government for specific purposes and appropriated for those purposes by the law authorising the raising of the loan;

sums representing any money or interest on money received by the Government subject to a trust and to be applied in accordance with the terms of the trust; and

sums representing any money held by the Government which has been received or appropriated for the purpose of any trust fund established by or in accordance with any written law; and

the sums respectively required to meet the heads of expenditure proposed to be met from the Development Fund.(3) The estimates of revenue to be shown in the estimates shall not include any sums received by way of zakat, fitrah and baitulmal or similar Muslim revenue.(4) The Minister responsible for finance shall also present to Parliament together with the estimates of expenditure, a statement showing as far as is practicable the assets and liabilities of Singapore at the end of the last completed financial year, the manner in which those assets are invested or held and the general heads in respect of which those liabilities are outstanding.Authorisation of expenditure from Consolidated Fund and Development Fund148.—

The heads of expenditure to be met from the Consolidated Fund and Development Fund (other than statutory expenditure and expenditure to be met by such sums as are mentioned in Article 147(2)(b) (i), (ii) or (iii)) shall be included in a Bill to be known as a Supply Bill, providing for the issue from the Consolidated Fund and Development Fund of the sums necessary to meet that expenditure and the appropriation of those sums for the purposes specified therein.(2) Wherever —

any moneys are expended or are likely to be expended in any financial year upon any service or purpose which are in excess of the sum provided for that service or purpose by the Supply law relating to that year; or

any moneys are expended or are likely to be expended (otherwise than by way of statutory expenditure) in any financial year upon any new service or purpose not provided for by the Supply law relating to that year,supplementary estimates (or, as the case may be, statements of excess) shall be prepared by the Minister responsible for finance and, when approved by the Cabinet, shall be presented to and voted on by Parliament; in respect of all supplementary expenditure so voted the Minister responsible for finance may, at any time before the end of the financial year, introduce into Parliament a Supplementary Supply Bill containing, under appropriate heads, the estimated sums so voted and shall, as soon as possible after the end of each financial year, introduce into Parliament a Final Supply Bill containing any such sums which have not yet been included in any Supply Bill.(3) The part of any estimates of expenditure presented to Parliament which shows statutory expenditure shall not be voted on by Parliament, and such expenditure shall, without further authority of Parliament, be paid out of the Consolidated Fund.(4) For the purposes of this Article, “statutory expenditure” means expenditure charged on the Consolidated Fund or on the general revenues and assets of Singapore by virtue of Articles 22I(3), 35 (10), 41, 42 (3), 108 (1), 114 and 148E or by virtue of the provisions of any other law for the time being in force in Singapore.Withholding of assent to Supply Bill, etc.148A.—

The President may, acting in his discretion, withhold his assent to any Supply or Supplementary Supply Bill for any financial year which, in his opinion, is likely to draw down the reserves which were not accumulated by the Government during its current term of office, except that if the President assents to any such Bill notwithstanding his opinion that the Bill is likely to so draw down those reserves, he shall state his opinion in writing addressed to the Speaker and shall cause his opinion to be published in the Gazette.(2) If the President withholds his assent to any Supply or Supplementary Supply Bill relating to any financial year and no resolution to overrule the President is passed by Parliament under Article 148D within 30 days of such withholding of assent, Parliament may by resolution authorise expenditure or supplementary expenditure, as the case may be, (not otherwise authorised by law) from the Consolidated Fund and Development Fund during that financial year:Provided that the expenditure so authorised for any service or purpose shall not exceed the amount voted for that service or purpose in the Supply law or Final Supply law (if any) for the preceding financial year.(3) Upon the passing of a resolution under clause (2) in relation to a financial year, the Supply or Final Supply law of the preceding financial year shall be deemed to authorise the issue from the Consolidated Fund and Development Fund such sums stated in the law to meet the expenditure for the financial year to which the resolution relates, and shall have effect as the Supply or Final Supply law for that financial year.Power to authorise expenditure on account, etc., or for unspecified purposes148B.—

Subject to clause (3), Parliament may, by resolution approving estimates containing a vote on account, authorise expenditure for part of any year before the passing of the Supply law for that year, but the aggregate sums so voted shall be included under the appropriate heads, in the Supply law for that year.(2) Subject to clause (3), Parliament may, by resolution approving a vote of credit, authorise expenditure for the whole or part of the year, otherwise than in accordance with Articles 147 and 148, if, owing to the magnitude or indefinite character of any service or to circumstances of unusual urgency, it appears to Parliament desirable to do so.(3) No resolution of Parliament made under clause (1) or (2) shall have effect unless the President, acting in his discretion, concurs therewith.Contingencies Funds148C.—

The Legislature may by law create a Contingencies Fund each for the Consolidated Fund and for the Development Fund and authorise the Minister responsible for finance to make advances from either Contingencies Fund if —

he is satisfied that there is an urgent and unforeseen need for expenditure for which no provision or no sufficient provision has been made by a Supply law; and

the President, acting in his discretion, concurs with the making of such advances.(2) Where any advance is made by virtue of the authority conferred under clause (1), a supplementary estimate of the sum required to replace the amount so advanced shall, as soon as practicable, be presented to and voted on by Parliament and the sum shall be included in a Supplementary Supply Bill or Final Supply Bill.Parliament may overrule President’s withholding of assent to Supply Bill, etc.148D.—

Where the President withholds his assent under Article 148A to any Supply or Supplementary Supply Bill relating to any financial year contrary to the recommendation of the Council of Presidential Advisors, Parliament may by resolution passed by not less than two-thirds of the total number of the members of Parliament overrule the decision of the President.(2) Upon the passing of a resolution under clause (1), the assent of the President shall be deemed to have been given on the date of the passing of such resolution.Debt charges and moneys required to satisfy judgments148E.—

The following are hereby charged on the Consolidated Fund:

all debt charges for which the Government is liable; and

any moneys required to satisfy any judgment, decision or award against the Government by any court or tribunal.(2) For the purposes of this Article, “debt charges” includes interest, sinking fund charges, repayment or amortisation of debt and all expenditure in connection with the raising of loans on the security of the Consolidated Fund and the service and redemption of debt created thereby.”.