Macau Government announces second round of economic support measures against the Covid-19 epidemic

9 April 2020

The second round of economic support measures against the epidemic of Covid-19 in Macau include a consumer subsidy in the value of 5,000 patacas, which added to the first one in the amount of 3,000 patacas, will provide each resident with 8,000 patacas (US$1,000) to support local trade, announced on Wednesday the Secretary for Economy and Finance.

Lei Wai Nong announced at the press conference of the Centre for the Coordination of Contingency Planning of the New Coronavirus economic support measures after the second phase of the epidemic, which aim to protect employment, stabilise the economy, take care of people’s welfare, providing 10 billion patacas (US$1.25 billion) to extend assistance to residents, employees and businesses, to complement and deepen economic assistance measures announced in the first phase of the epidemic.

In addition to the measure that has already mentioned, there is also a single allowance of 15,000 patacas in direct financial support to local qualified employees, based on the calculation of 25% of the average monthly wage (20,000 patacas) of Macau residents in 2019, to provide financial assistance to individuals in the liberal professions and provide interest subsidies for loans, support companies based on the size of operation and the number of people, as well as a measure for subsidised training for the unemployed and on-the-job training for all workers.

More details on the measures for support in the second phase of the epidemic can be viewed at: https://news.gov.mo/detail/en/N20DHWNWdj?1

The Government of Macau will work with the Legislative Assembly to approve by the end of April an urgent proposal for a second supplementary budget, cooperating with additional relevant legal diplomas, including the subsidies, interest and legal assistance to businesses.

“This shows that the Government is committed to delivering payments to residents and businesses next May,” said the Secretary for Economy and Finance.

In overall terms, the Government of Macau will apply more than 50 billion patacas (US$6.25 billion) to help mitigate the effects of the new coronavirus, including 10 billion patacas in an aid fund, 3.6 billion for this second consumer grant and 39 billion patacas taken from the financial reserve to balance the budget for the current year. (macauhub)

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