Lawrence Wong, Singapore’s Finance Minister announced Friday that there will be a package of $500 million ($372 million) in Singapore to support businesses and jobs. Wong also said that government would offer separate assistance for the sector struggling with aviation.

The government of Singapore has committed nearly SG$100 million over the last two years in order to protect its citizens, businesses and economy from the Covid-19 pandemic.

Wong stated that the government will set aside SG$560 millions to assist Singaporeans with rising living costs.

The government closely monitors the possibility of higher inflation and living expenses. He stated that this has been driven primarily by the rebound in global demand, continuing supply chain disruptions, and most importantly by rising energy prices.

Singapore predicts that its economy will grow by 3-5% in the coming year.

It Monetary Authority of Singapore tightened its policy settingsIn January, it made its seventh out-of-cycle decision in seven years. The Fed is expected to raise interest rates at its April policy meeting.

In 2022, the core inflation of the city-state is expected to be between 2 and 3.5%. Headline inflation will likely hover around 2.5-3.5%.