“PM Lawrence Wong Slams Calvin Cheng’s Gaza Remarks as Unacceptable; MAS to Adjust Currency Policy in Response to US Tariffs”
Singapore’s political and economic landscape witnessed significant developments recently, drawing widespread public and global attention. Prime Minister Lawrence Wong has openly condemned the controversial comments made by former Nominated Member of Parliament (NMP) Calvin Cheng regarding the ongoing Gaza conflict. Cheng suggested that pro-Palestinian activists should be sent to Gaza and barred from returning to Singapore — a statement that triggered strong backlash for its insensitivity and potential to harm social cohesion. In a firm statement, PM Wong labelled Cheng’s remarks as “completely insensitive and unacceptable,” reinforcing Singapore’s unwavering commitment to multicultural harmony and national unity.
Following the uproar, Cheng issued a personal apology to Islamic leaders and posted an expression of regret on social media. However, his subsequent legal threats against his critics have cast a shadow over the sincerity of his apology. Prominent leaders, including Ministers Masagos Zulkifli and K Shanmugam, along with the Singapore Islamic Scholars and Religious Teachers Association (PERGAS), have also condemned Cheng’s statements. They emphasized the need to maintain Singapore’s delicate social fabric, especially during times of international tension. PM Wong reiterated that social harmony in Singapore is not a given, but a collective responsibility that must be nurtured and defended consistently.
On the economic front, global markets are reeling from new tariffs imposed by US President Donald Trump, a move that is sending shockwaves through international trade and prompting policy shifts around the world. Singapore is not exempt from the impact. The Monetary Authority of Singapore (MAS) is expected to respond by easing its currency policy to protect the city-state’s economy from further slowdown, particularly in export-driven sectors. According to a Bloomberg survey, all economists anticipate that MAS will adjust the slope of the Singapore dollar’s nominal effective exchange rate (S$NEER) to a flat 0 per cent at its upcoming policy review. This would mark the second policy easing in 2025 as Singapore seeks to buffer its economy from global volatility.
Unlike many central banks that use interest rates, MAS employs exchange rate management as its primary monetary tool. Flattening the slope of the S$NEER is seen as a strategic move to support economic growth, especially given Singapore’s 7 per cent GDP exposure to the United States. This policy adjustment reflects a broader trend of fiscal stimulus among major economies trying to navigate the effects of global trade disruptions. With export demands under pressure, Singapore’s proactive stance highlights its readiness to act decisively in the face of economic headwinds.
As Singapore deals with both domestic challenges to its social harmony and international economic pressures, its leadership is calling for unity, resilience, and forward-looking policy responses. For more in-depth video news and updates, visit our YouTube channel THE OLIGO.
