Macau government sets up fund to support individuals and companies affected by Covid-19

30 March 2020

The Macau government plans to set up a fund of 10 billion patacas (US$1.25 billion) to support residents, companies and commercial establishments in the territory in financial trouble due to the Covid-19 pandemic, said the Government Information Bureau.

The fund, which will be created via the Macau Foundation, is intended to help individuals and companies which, due to the impact of the pandemic, are facing difficulties in surviving or continuing with their businesses, and will allow for faster and more robust support to prevent and fight the epidemic in financial terms.

“As the situation outside the country is still one of spread of the epidemic and in order to prevent an increase in cases imported from abroad, the Special Administrative Region of Hong Kong and the province of Guangdong in the last few days made the decision to to control entries and exits, which will further affect the Macau economy,” the statement said.

The statement also said that the Macau government this week will announce a set of support measures as part of this fund to help combat the epidemic, in order to cover the urgent needs of the population, stabilise the Macau economy and guarantee the social wellbeing and employment of residents.

The statement noted that the government had adopted measures  including reducing and removing taxes, support for loans and consumption incentives, with a total value of around 40 billion patacas (US$5 billion).

The number of confirmed cases of Covid-19 in Macau now totals 38, the vast majority of which were imported, mainly from Europe.

The first case was reported on 22 January, and a second wave of cases – all of them imported – began on 15 March. (macauhub)