The government yesterday formally withdrew its controversial bill which proposed the transfer of 60 billion patacas from the government’s financial reserves for the setting-up of the Macau Special Administrative Region (MSAR) Investment and Development Fund.
The bill was to amend the government’s 2019 budget so that it could allocate the 60 billion patacas from its financial reserves and use the amount as the fund’s start-up capital.
The Government Spokesperson’s Office (GPV) made the announcement in a statement yesterday, saying that the government yesterday “formally” requested the Legislative Assembly (AL) to withdraw the bill, as the government believed that a public consultation on the proposed setting-up of the fund – the local version of a sovereign wealth fund – would be needed following “various views” raised by civil society.
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