Macau’s financial reserve totals US$62.5 billion

8 November 2017

The financial reserve of the Macau government currently amounts to 505.2 billion patacas (US$62.5 billion), said the Secretary for Economy and Finance, during a plenary session of the Legislative Assembly, the local parliament.

Leong Vai Tac, who presented a report on the implementation of the budget for 2016, also said that revenues reached 110.5 billion patacas, lower by 5.6 billion patacas or 4.8% compared to 2015.

Public spending grew 2.3% or 1.9 billion patacas to 82.6 billion patacas against 2015, said the secretary.

“Thus, the implementation of the budget showed a surplus of 27.9 billion patacas, and of this amount 6.2 billion patacas were assigned to autonomous entities and 21.7 billion patacas were passed on to the financial reserve,” said Leong Vai Tac.

Of the revenues obtained in 2016, direct taxes on gaming represented 77.6 billion patacas, a drop of 4.9 billion patacas in comparison to the amount recorded a year before.

Leong Vai Tac also told members of parliament that at the end of September the government had a “basic” reserve of 128.9 billion patacas and an “extraordinary” reserve of 355.6 billion patacas. (macauhub)