Singapore still has some financial buffer to support the economy if any more measures are needed to help businesses and households tide through the current coronavirus outbreak, one minister told CNBC on Friday.

"What we've done is to prepare on the basis that it may go on for some months, and to make sure that we can stabilize and support businesses as well as our households during that period," said Indranee Rajah, a minister in the prime minister's office, who is also Singapore's second minister for finance and education.

"And we do still have some buffer in case any additional measures are needed," she told CNBC's "Squawk Box Asia."

The Singapore government has set aside 5.6 billion Singapore dollars ($4.02 billion) in its latest budget to help businesses, workers and households weather the economic hit from the spread of the new coronavirus, called COVID-19.

That planned spending is expected to contribute to a budget deficit of 10.95 billion Singapore dollars — which some economists said is a record. That amount is about 2.1% of the country's gross domestic product.