June 25, 2018
The total cost of the summit is down from an earlier estimate of $20 million.
About $16.3 million was spent on the historic summit between United States President Donald Trump and North Korean leader Kim Jong Un in Singapore on June 12, down from an earlier estimate of $20 million.
The Ministry of Foreign Affairs (MFA) said in a statement on Sunday (June 24) that the biggest component of the amount was spent on security.
Prime Minister Lee Hsien Loong had previously estimated that the summit would cost around $20 million to host, said an MFA spokesman.
PM Lee had told reporters during a visit to the international media centre that the summit was Singapore’s contribution to an international endeavour that was “in our profound interest”.
“It is a cost we are willing to pay,” he said, adding that security costs would likely account for about half that figure.
He said that the security requirements were much higher than for previous meetings because of the profile of the summit and the nature of what was being discussed.
Media spending was around $4 million, says a Ministry of Communications and Information spokesman.
The June 12 meeting concluded with the signing of a joint document between the two leaders, outlining their commitment to the complete denuclearisation of the Korean peninsula.
In exchange for Pyongyang dismantling its nuclear programme, Washington had pledged to stop joint military exercises with Seoul.