The Legislative Assembly (AL) approved the final report on the 2021 Government Budget yesterday, passing it unanimously. Although all lawmakers voted in favor of the passage and final closure of the 2021 budget, some questions still remained.
Lawmaker Ron Lam criticized the lack of clarity concerning the government’s justification of the use of money from the financial reserves.
He also criticized the government’s method of balancing the Pension Fund (FP) account, since there was no transfer of funds from gaming taxes to this account. Lam also criticized the poor performance of the investments made with the FP account money, and said that there was a lack of clarity around them.
In response, the Secretary for Economy and Finance, Lei Wai Nong said that the low return on investment seen in 2021 was not exclusive to Macau but a result of the worldwide economic crisis, adding that the investment is managed by professionals from the Monetary Authority of Macao and evaluated annually.
Lam also added that the method of allocating or endowing funds to the FP account from the reserves is not a “healthy system,” and calls for more transparency concerning government investments with public funds from now on. RM
