SINGAPORE – The framework used by GIC, the Monetary Authority of Singapore (MAS) and Temasek to determine their contributions to the nation’s Budget every year is based on their long-term expected returns and is not affected by short-term performances.
The statement from Finance Minister Lawrence Wong last week follows questions in Parliament about the impact the MAS’ $7.4 billion loss in the last financial year will have on the Budget.
source https://netdace.com/latest-news/askst-who-manages-singapores-reserves/