Despite Chief Executive Ho Iat Seng having previously predicted a second MOP20 billion (US$2.5 billion) extra financial reserve injection in the 2020 budget by the end of the year, the Executive Council has advanced with a budget amendment proposal that accounts for a MOP8.1 billion injection.
If approved, it would be the second amendment made to this year’s budget after another was approved in April, with MOP39 billion to be used this year to balance a budget impacted by reduced gaming tax revenue and increased financial measures to face the Covid-19 pandemic.
The Macau SAR currently has some MOP440 billion in financial reserves.
According to the new amendment proposal, the Macau SAR managed to reduce MOP12.4 billion in expected expenses for the year, with expected revenue reduced by MOP20.3 billion.
The Executive Council proposed that the amendment to the 2020 budget law should be urgently evaluated and voted at the Legislative Assembly.
If approved, the Macau SAR would report a MOP1 billion surplus this year, consisting solely of the budget execution balances of the autonomous services and organizations, while the losses for the financial year special bodies for the economic year 2020 estimated at MOP6.7 billion.