Macau government may use excess reserves of 20 billion patacas - Plataforma Media

Macau government may use excess reserves of 20 billion patacas

The Chief Executive, Ho Iat-Seng, said that it is not ruled out the option that the 2020 government budget will be revised again soon, and the option of using the excess reserves of about 20 billion pataca still remained on the table

Ho Iat-Seng said as the pandemic continue , Macao’s overall income still remain very low, and it is believed that the economic will not be fully recovered in a short time. He mentioned that Macau government has not reduced rigid expenditures, social welfare and civil service salaries, and medical expenses is also increasing .

He warns that Macau government is under huge financial pressure, saying that It is already challenging to curb 10% of non-labour expenditures of various departments amid public sectors. Early this year, 38.95 billion patacas was allocated from the excess reserves of the fiscal reserves in response to the pandemic, however, the money may be difficult to support until the end of the year. He warns that the society should be prepared .

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