Macau: Macau’s 2009 budget totals US$5.58 billion in expenditure, prioritising structural investments

13 November 2008

Macau, China, 13 Nov – Around one quarter of Macau’s budget for 2009, estimated at 44.7 billion patacas (US$5.58 billion), has been earmarked for investments and expenses for development of the territory, according to figures published Tuesday in an official statement cited by MacauNews.

The 10.5 billion pataca (US$1.3 billion) figure set aside for investment represents 2.12 billion patacas (US$265 million) more than the amount budgeted for the current year.

The largest part of the government’s forecasted 41 billion patacas (US$5.1 billion) in revenue comes from Macau’s 31 casinos.

Macau Chief Executive Edmund Ho Hau Wah spoke during a press conference Tuesday and said that as part of the 2009 budget, the government forecasted that gross revenue from casinos at 7 billion patacas (US$ 875 million) per month. This represents a slight drop when compared to the current year, which, according to monthly average figures so far, is 8 billion patacas (US$1 billion) per month.

Faced with a global financial crisis, Edmund Ho focused his concern on small and medium-sized companies that need support to breathe life back into them and to ensure their survival, and added that he wants to increase work on diversifying markets and products.

Ho is also concerned with social policy for 2009, and said that it aims to “share financial success” of the region and ensured that he will continue to manage the region with the same effort and desire to improve and develop Macau.

The areas that will benefit the most with the 2009 budget are health (2.44 billion patacas), education and youth affairs (2.1 billion patacas), social security (2.3 billion patacas), security forces (2.1 billion patacas), Commercial Development Fund (2.2 billion patacas), Civic and Municipal Affairs Institute (1.2 billion patacas) and the Macau Foundation with 2.49 billion patacas.

Edmund Ho Hau Wah, who ends his term in office on 19 December 2009 as the Chief Executive of Macau, said that the Special Administrative Region of Macau’s next government will receive over 70 billion patacas (US$ 8.75 billion). (macauhub)