The Legislative Assembly (AL) yesterday passed the government’s 2022 budget amendment bill, which will enable the government to allocate 7.2 billion patacas from the Macau Special Administrative Region’s (MSAR) extraordinary reserves for the government to fund a new round of its electronic consumption benefit scheme and a programme of subsidising water and electricity bills of households and businesses.
Yesterday’s bill was the first budget amendment bill for this year submitted by the government.
As the government had requested an urgent procedure for the debate and vote of the bill, it was not, as is normal practice, arranged for review by any of the legislature’s standing committees before its final article-by-article debate and vote. Therefore, after the outline of the bill was passed during yesterday’s plenary session, its final article-by-article debate and vote were immediately carried out. The lawmakers unanimously passed the bill article-by-article.
Secretary for Economy and Finance Lei Wai Nong introduced the outline of the amendment bill during yesterday’s plenary session in the legislature’s hemicycle.
E-consumption benefit scheme to start in June, 5,000 + 3,000 patacas
Replying to lawmakers’ questions, Lei revealed that the government expects the upcoming round of the electronic consumption benefit scheme to get off the ground on June 1, when each beneficiary will receive a 5,000-pataca startup fund and a 3,000-pataca immediate discount grant, 8,000 patacas in total, the same as last year’s programme – which only covered residents.
Lei also said that while Macau’s COVID-19 situation has remained stable, the “volatility” of the COVID-19 epidemic situation in neighbouring regions has been adversely affecting the local government’s work on attracting visitors from a more diverse range of destinations, because of which, the policy secretary said, local companies and residents are facing big pressure on their business operations and employment situation.
With the aim of boosting the local economy and relieving residents’ financial hardship amid the COVID-19 pandemic, Lei said, the local government has decided to roll out a new round of financial support measures after listening to, and studying opinions and suggestions raised by various segments of civil society. Lei said that the government aims for the financial support measures to boost local businesses and residents’ confidence about the city’s economic and employment prospects.
5.92 billion patacas for e-consumption, 1.326 billion patacas for utility bills’ subsidy
According to Lei, the government’s upcoming financial support measures comprise its electronic consumption benefit scheme and subsidies for households and businesses’ water and electricity bills. The government expects to spend 5.92 billion patacas on the new round of its e-consumption benefit scheme and 1.326 billion patacas on the water and electricity bills’ subsidy programme, Lei said, adding that consequently the two programmes are expected to cost the Treasury 7.246 billion patacas.
Lei also said that the programme of subsidising households and businesses’ water and electricity bills will run for six months.
Lei pledged that the government will closely monitor possible price hikes in the retail market resulting from the new round of the e-consumption benefit scheme. The government will bar businesses found to have violated rules of the e-consumption benefit scheme from continuing to participate in it, Lei said.
Lei also underlined that only the tourism sector’s recovery, which could only be realised after the COVID-19 situation in neighbouring regions becomes stable, could end Macau’s ongoing economic predicament.
Lei reaffirmed that the local government will need to continue to make use of the MSAR’s financial reserves (comprising basic reserves and extraordinary reserves), which currently stand at around 600 billion patacas, in a prudent way.
Secretary for Economy and Finance Lei Wai Nong addresses yesterday’s plenary session in the Legislative Assembly’s (AL) hemicycle.
Photo of courtesy TDM
