Interesting points from this Forum article, a response from Ministry of Finance on debt, in The Straits Times on 4th Aug 2021.
1) Singapore has net assets. Most debts owed by the Singapore Government are in Singapore Government Securities (SGS), intentionally created to broaden our bond market and Special Singapore Government Securities (SSGS) for CPF board.
Most importantly, the proceeds are used for investment worldwide and not spent as part of government budget.
2) MOF Director of Reserves and Investment calls USA’s printing of money “exorbitant privilege” that has to be repaid, in one way or another. This reflects how the rest of the world are viewing USD and China will probably be the catalyst that will “terminate” this “exorbitant privilege”.
In current extreme asset bubbles and uncertainties in this chaotic world order, Singapore will be looked upon as a safe haven for international funds, especially the Chinese nationals who are piling into Singapore, buying high-end non-landed residential properties.