Finance secretary asks for time to prepare consumption subsidy

After weeks of public anticipation on the consumption subsidy, Secretary for Economy and Finance Lei Wai Nong has asked the public for “a little time” to finalize details.

April 1, the government announced its plans to run another round of consumption stimulus measures. Afterwards, at various occasions such as the parliament’s plenary sessions, many have called on the government to reveal details promptly.

When questioned on the matter recently, Lei admitted that work is in progress, namely amending the Annual Budget and drafting the Executive Regulations. In addition, he promised that details will be announced as soon as they are available.

Tomorrow, Chief Executive Ho Iat Seng will be present at the parliament’s plenary meeting for a question-and-answer session. The public is hoping to get more details then.

When commenting on the speculation, Lei emphasized the importance of procedures, which includes the parliament passing the amended Annual Budget, among others, so that the government can utilize its funds.

The public is questioning whether the consumption subsidy will be merely a scheme of consumption discounts or will be operated similar to last year, which came with a spending allowance, officially referred to as the Activation Fund.

On this, the financial secretary said the scheme is “a necessary measure to support the market” amid economic downturn.

Meanwhile, the Times has learnt that details have been discussed with the banking and financial industries. The only missing part of the puzzle is the commencement date.