Singapore Prime Minister Lee Hsien Loong on Wednesday (Feb 7) outlined the government's position on the reserves, as parliament debated a motion brought by Non-Constituency Members of Parliament Leong Mun Wai and Hazel Poa from the Progress Singapore Party (PSP). The motion called on the government to review its current budget and reserve accumulation policies in order to help Singaporeans reduce their financial burdens and improve quality of life, while continuing to save for future generations of Singaporeans.

Mr Lee said taking a long-term view of the reserves and striking the right balance between present and future needs are vital responsibilities of any Singapore government. "We must protect the past reserves. It is our precious resource, our strategic advantage. It is a great source of comfort and reassurance that if we run into a jam, or find ourselves in a tight spot – which is bound to happen every so many years and not so many years – we will have one extra card to play. We will not be destitute," he said.

"If any other political party thinks that this is not the right approach, if they truly believe that we should dip into our reserves more, then bring it to the ballot box. Put it upfront. Say you want to touch, you want to spend, you want to shift the rules. Don’t pretend that you’re just as prudent, only more kind-hearted. Campaign in the next general election on this issue. Ask voters for a mandate to form the government, change the Constitution, dismantle the second key. Put this squarely to the people, and let them decide," Mr Lee added.

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00:00 Start of speech
00:24 History of the reserves
16:24 How much is enough?
28:19 Protecting the reserves
35:39 On the opposition's view

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