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Macao SAR gov't to unveil cash subsidy arrangement in March
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19:36, February 18, 2009

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The government of Macao Special Administrative Region (SAR) will announce the details of the "wealth share" cash subsidy arrangement next month, aiming to boost domestic consumption amid the global financial crisis, the Macao Post Daily reported on Wednesday.

In his 2009 policy address in November 2008, SAR's Chief Executive Ho Hau Wah said that all local residents will obtain the cash handout once again this year that would "in principle" not be lower than last year's.

Starting from last year, permanent residents of the SAR were given 5,000 patacas (633 U.S. dollars) each in the cash handout, while non-permanent ones got 3,000 patacas (380 dollars).

The SAR government will make its final decision on the amount of the "wealth share" subsidy this year in line with its 2008 budget surplus, the daily quoted Tam Pak Yuen, the SAR's secretary for economy and finance, as saying.

Last year's first "wealth share" handout cost the government about 2 billion patacas (253 million dollars), according to the daily.

Source:Xinhua



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