Finance Secretary: Another MOP10b in financial subsidies

An extra MOP10 billion will be withdrawn from the city’s fiscal reserves for use in another round of financial subsidies, Secretary for Economy and Finance Lei Wai Nong announced over the weekend.

Last month, not long after this outbreak was first detected, Lei announced a series of financial subsidies worth MOP10 billion.

The adjustment to the annual budget that would facilitate the subsidies, alongside other necessary spending, was submitted to the parliament last Friday for readings and voting. This is the second time this year the annual budget required an amendment.

The aforementioned amendment concerns a sum of nearly MOP35.2 billion.

At a daily press conference over the weekend, the financial secretary expected this round of subsidies to be issued from early August. The relevant budget amendment is already with the parliament.

He also announced the extra MOP10 billion to be used for general subsidies.

The subsidy round announced in June focused mainly on entrepreneurs and the working population. Over the weekend, Lei announced that the coverage of these new subsidies will be expanded. The income floor has been scrapped and the ceiling raised to MOP600,000, counted over a two-year period, for those subsidies issued to employees.

It will then include those who have lost their jobs within the past two years.

In explaining the next withdrawal of MOP10 billion, the financial secretary said the funds will be used for a focused subsidy scheme. It will cover elderly people, housewives or househusbands, as well as children and others out of the working population.

The senior official hinted that the scheme was not completely ready. “Mature details” will be announced first and the remainder will be announced after broader consultation, usually closed-door dialogues with associations.

Speaking to local Chinese press Macao Daily News, three lawmakers – Hon Ion Sang, Leong Hong Sai and Ngan Iek Hang, all directly or indirectly connected to the Macau Federation of Neighborhood Associations – expressed their support for the subsidy scheme.

Explaining the basis of their support, the three lawmakers said that the subsidies will help boost confidence in market revitalization.

Additionally, they said the budget amendment included tax refunds for businesses and thought that this would help ease the pressure on entrepreneurs and business operators.

The three lawmakers also applauded how the government “stood in people’s shoes” when putting together another round of financial subsidies.