When Singapore Prime Minister Lawrence Wong gave his annual address in late August, he said his government would invest vast new resources to tackle a national crisis: the dangerous decline in the island country’s birthrate.

“We want to make a fundamental shift in how we support families,” Wong said. “We will walk alongside parents throughout the journey of raising their children.”

The package Wong unveiled offers the equivalent of roughly $55,000 per baby. The plan starts with a $7,000 cash payment at birth and is followed by annual payments and credits that continue until the child is 16 years old. According to Wong, the steps are needed to counter a looming demographic crisis that he said threatens “our ability to keep Singapore going.”

Singapore is different in many ways from the U.S., a much smaller nation with a population of just over six million. Birthrates have fallen much more rapidly. But Karen Guzzo, an expert on family development and demographic trends at the University of North Carolina at Chapel Hill, said many American couples who are weighing parenthood need this kind of help.