IMF affirms city’s new financial infrastructure

The International Monetary Fund Mission welcomed the initiatives of the SAR’s Monetary Authority in launching new financial infrastructure to promote the development of modern financial services. 

To advance the diversification agenda, the IMF Mission recommended a multi-dimensional approach in enhancing the supply of skilled labour to support financial sector expansion, including additional investments in professional training and information and communication infrastructure, expediting regional integration and streamlining business regulations. 

Concurrently, it would be important to further strengthen the regulatory and supervisory framework for preserving financial stability and integrity in the course of promoting financial sector development.

The IMF Mission conducted its Article IV Consultation for Macau SAR through virtual meetings in January 10-21, 2022 and preliminarily concluded the SAR’s macroeconomic and financial assessments, according to the Monetary Authority of Macao.

In the Staff Concluding Statement of the 2022 IMF Article IV Mission, the IMF staff affirmed the SAR government’s “strong policy response in containing the pandemic and the deployment of fiscal resources to soften its adverse impact on the economy.”

Meanwhile, as cited in the report, the linked exchange rate system between the Macau pataca and the Hong Kong dollar continued to serve the SAR well, underpinning its economic and financial stability. LV