Macau Development and Investment Fund to be subject to public consultation

27 November 2019

The government of Macau will carry out a public consultation in mid-2020 about the possible establishment of a company to manage the local version of a Sovereign Wealth Fund, said Chan Sau San, chairman of the Macau Monetary Authority (AMCM).

The statement by the chairman of the AMCM regarding the public consultation of the Management Company of the Macau Special Administrative Region Development and Investment Fund was made at the Legislative Assembly, following a question from Ho Ion Sang.

On 19 September, the Macau government formally withdrew a bill proposing the transfer of 60 billion patacas (US$7.5 billion) from the territory’s financial reserves to set up the Regional Development and Investment Fund of the Macau Special Administrative Region.

The members of the Legislative Assembly unanimously approved the request to withdraw the bill, after Chief Executive Chui Sai On announced at a press conference on 5 August that the local parliament had been asked to withdraw the bill.

Chui Sai On said at the time that residents needed further explanation and that a public consultation would be launched with a view to “dispelling the fears expressed” before the issue could be discussed again in the Legislative Assembly.

Chan Sau San said on Tuesday that the Macau Monetary Authority has set up a working group that will present the timetable of actions to be carried out ahead of the public consultation, which will include a session for MPs and several sessions for the general public. (Macauhub)