Yes. This is because the debt comprises Singapore Government Securities, Special Singapore Government Securities, and Singapore Saving Bonds, that are not used for spending.

The borrowing proceeds are invested. The Singapore Government has a strong balance sheet with assets well in excess of its liabilities. The Government has significant net assets and no net debt.

Looking only at the liabilities (i.e. debt) alone thus does not discriminate between two countries with the same level of debt but with very different levels of assets. Singapore is in fact a net creditor country, not a debtor country, and is able to earn significant investment income on its net assets.

This is why international credit rating agencies give the Singapore Government the highest short and long-term credit ratings of AAA. In an April 2012 report by BlackRock Investment Institute, Singapore also ranked 2nd in the BlackRock Sovereign Risk Index in terms of creditworthiness.
A key strength highlighted was Singapore's net asset position.

There are online reports alleging that the Government had borrowed $22 billion to fund the 2020 Budget measures to address the COVID-19 pandemic. This is inaccurate.

The $22 billion loan capital mentioned in https://www.mof.gov.sg/newsroom/parliamentary-replies/updated-budget-deficit-forecast-for-fy-2020-2021-after-budget-and-supplementary-budget-announcements on 4 Jun 2020 to NCMP Leon Pereras Parliamentary Question is not a borrowing by Government to finance its budget.

On the contrary, the Government has set aside the $22 billion loan capital to provide financing support to companies, similar to measures taken during the Global Financial Crisis and during this crisis by other international governments.

Banks can tap on the Governments loan capital, if they need to supplement their own capital to provide loans to companies under the financing schemes launched, such as the Temporary Bridging Loan programme.

Disbursement of the loan capital by the Government is not a fiscal expenditure, as it is expected to be repaid. We have separately set aside a budget to meet the Government's share of the risk for loans that may not be fully repaid.

You can download the Budget Statement from our website at http://www.singaporebudget.gov.sg/budget_2014/BudgetSpeech.aspx.

The FY2013 version of the Analysis of Revenue and Expenditure is available at http://www.singaporebudget.gov.sg/budget_2014/RevenueandExpenditure.aspx.

The Analysis of Revenue and Expenditure for past financial years are a vailable at http://app.mof.gov.sg/singapore_budget_archives.aspx.

The Revenue and Expenditure Estimates for FY2013 is also available online at http://www.singaporebudget.gov.sg/budget_2014/revenueandexpenditure/RevenueandExpenditureEstimates.aspx.

Copies of the Revenue and Expenditure Estimates for past financial years are available in the National Library, as well as online at http://app.mof.gov.sg/singapore_budget_archives.aspx.

The annual Government Budget has been in deficit for 5 years of the last decade. On average, the Overall Budget Balance was close to 0% of GDP [1]. This means that revenues were matched by expenditures each year, on average over the last decade.

Some analysts [2] estimate the size of the budget surplus to be larger because they include revenues which the Government is not allowed to spend under the principles laid out by the Constitution such as revenues from sale of land. They may include all such revenues for ease of comparison with other countries.

However, the figures are not relevant to the question of whether the Singapore Governments Budget is in surplus or deficit, as the Budget should only include revenues that are available for spending by the Government. Please refer to Q8 for further details.

Footnote:

[1] The average Overall Budget Balance from 2001 to 2010 was 0.1% of GDP.  

[2] For example, Standard & Poors Rating Services have estimated that Singapore's general government surplus averaged 6.7% of GDP between 2006 and 2010 in their latest rating report.

The information can be obtained from the Statistical Annexes of the Analysis of Revenue and Expenditure. The report is available online at http://www.singaporebudget.gov.sg/budget_2014/RevenueandExpenditure.aspx.

A government endowment fund is a sum of capital money set aside from the governments annual budget into a fund to provide a stable source of funding for specific programmes which span many years in the future.

The principal sum set aside in the endowment fund cannot be spent, and is used to generate a stream of income to finance such programmes on an ongoing basis. Examples include the Lifelong Learning Endowment Fund, ElderCare Fund, Medical Endowment Fund (Medifund), Edusave Endowment Fund and Community Care Endowment Fund (Comcare Fund).

These funds underscore the Governments commitment to meet important objectives in a sustained way e.g. helping needy Singaporeans meet their medical expenses (Medifund and Eldercare Fund); and helping Singaporeans with their basic living expenses and childrens educational needs (Comcare Fund). The Government makes top-ups to the endowment funds from time to time to meet the expenditure needs of the respective programmes.

This helps to ensure that such programmes are not affected by fluctuations in revenues due to the economic cycle.

Government endowment funds are created by law and further top-ups to the principal sums of the endowment funds require Parliaments approval. 

The respective Acts also specify:

(i) how the income of the fund can be spent; and

(ii) that audited financial statements be tabled in Parliament every year.

Budget surpluses, if any at the end of each fiscal year, are accumulated as current reserves of each term of government. Similar to Past Reserves, these are also managed by the Government's investment entities.

At the end of each term of government, the accumulated current reserves will be transferred to Past Reserves.

Each year, the Minister for Finance presents the Revenue and Expenditure Estimates to Parliament as part of the annual budgetary process.

The information presented in the Revenue and Expenditure Estimates includes:

1. The Government Budget for the next Financial Year;

2. The Governments fiscal position for the previous and current Financial Year;

3. Government revenue estimates, which include receipts that are not available for spending by the Government;

4. Government expenditure estimates, organised under Heads of Expenditure; and

5. The audited Statement of the Government's Assets and Liabilities as at the end of the previous Financial Year.
   
   

The Government's accounts are prepared on a cash accounting basis, in accordance with Article 147(5) of the Constitution.

The Revenue and Estimates are on a financial year (FY) basis. The Government's FY is from 1 April of one year to 31 March of the following year. Figures on a calendar year basis are provided in the Economic Survey of Singapore.

The annual Government Budget is prepared on a financial year (FY) basis. The FY for the Government runs from 1 April of one year to 31 March of the following year. For example, FY2011 is from 1 April 2011 to 31 March 2012.

The Budget serves two purposes:

a. It serves as a record of the approved levels of expenditure and accountability in the usage of government funds; and

b. It is also a plan of the estimated government revenue and expenditures for the FY.

Before the FY starts, the Minister for Finance would present the annual budget that has been approved by Cabinet to Parliament. This normally takes place in February. The budget debate and Committee of Supply sessions then follow, where Members of Parliament can query the Government on the expenditure of funds in the previous FY, as well as the proposed budget for the next FY, for the various ministries and organs of state.

After Parliament passes the Supply Bill, thus giving its approval of the budget, the President then needs to give his assent to the bill before it can come into effect. The President's role is to safeguard the past reserves of the nation, and he may withhold his assent to the Bill if, in his opinion, the estimated revenue and expenditure are likely to draw on Past Reserves.

Once the President gives his assent to the Supply Bill, it is then enacted as law as the Supply Act. The Act will then control the amount of money that the Government may spend in the coming FY, and for what purposes this money may be spent on.