Macau’s government is implementing budget controls aimed at saving MOP1.4 billion (US$175.4 million) by the year’s end after the territory’s economic bureau revealed that casino revenues for August were down 35.5% year-on-year, South China Morning Post reported. Government departments are now being urged to freeze 10% of their budgets marked for investment and 5% of that allocated for goods and services. Macau-based economist Albano Martins criticized the move. “They are acting on fear and are doing the opposite of what they should do,” he said. “At a moment of recession, the government should inject more money into the economy instead of pulling it out.”
Categories