The Executive Council has announced that the government plans to set up the local version of a “sovereign wealth fund” with a proposed capital of 60 billion patacas.
Leong Heng Teng, spokesman for the government’s top advisory body, made the announcement during a press conference at Government Headquarters on Friday.
According to Leong, the government proposes a bill that would amend its 2019 budget so that it can go ahead with the 60 billion pataca injection. The amendment bill proposes that the government take the 60 billion patacas from its financial reserves – which currently stand at over half a trillion patacas – as the fund’s capital.
Executive Council spokesman Leong Heng Teng speaks during Friday’s press conference at Government Headquarters about the government’s bill for the setting-up of the Macau Special Administrative Region (MSAR) Investment and Development Fund. Courtesy: TDM
