Singapore does not borrow to fund its fiscal policy:
"The Singapore Government operates on a balanced budget policy and does not need to finance her expenditures via the issuance of Government bonds. It has enjoyed healthy budget surpluses over terms of Government in the past decades."
具体一个例子告诉你就是，HDB发行债券为建造HDB flat 买地，卖地的是SLA,买债券的是财政部。SLA的卖地所得收入再上交财政部。账面上HDB借了很多钱变成了政府债务其实就是钱从左口袋拿到了右口袋。
