Macau has financial reserves of US$12.5 billion

19 November 2009

Macau, China, 19 Nov – Accumulated budget surpluses and the Reserve Fund of the Special Administrative Region of Macau are expected to be over 100 billion patacas (US$12.5 billion) at the end of the year, the Chief Executive of Macau said Wednesday.

On speaking at the Legislative Assembly in his final official meeting of the local parliament, Edmund Ho Hau Wah said he estimated that budget execution for 2009 would see a surplus of 10 billion patacas (US$1.25 billion), according to MacauNews agency

“Next year, the Government will continue to implement measures for exemption and reduction of taxes adopted over the last few years, with the aim of helping companies and citizens to face up to the pressures and difficulties resulting from the international financial crisis,” he said.

Ho also said that by March 2010 the Macau government – of which he will no longer be a part as he is due to stand down in favour of Fernando Chui Sai On – would open “individual accounts in the Central Savings Regime for the residents of Macau,” providing the accounts immediately with 3.3 billion patacas – pr 10,000 patacas per account, from the budget surplus for 2008.

Ho, who on 20 December will have been head of the Macau government for ten years, also presented the budget programme for 2010 by launching the “basis” for the budget to be presented by Fernando Chui Sai On in the first quarter at the Legislative Assembly together with the Governmental Lines of Action of the next government.

At the assembly, Ho outlined a number of exemption and extended exemptions on taxes to be paid by individuals and companies that would have a budgetary impact of some 900 million patacas.(macauhub)