26 Finance
“Despite another huge accumulat-
ed balances, one more year has passed
in which the financial reserve regime
wasn’t set up,’’ said Ng.
Tam, who claims the project has
been ready since 2008, did not explain
the delay but gave a delivery date to law-
makers: “The regime will be a key point
at the LAG. This matter will be further
developed in the area of the economy and
finances. We haven taken into account
concerns about the level of usage, control,
application and returns on investment of
the reserved capital,’’ he said.
The finance chief also said legis-
lators could participate in the system:
“When necessary to mobilise the capi-
r
g
tal, it’s probable that the AL may have
c
y
.
o
n
to be heard. It is also necessary to in-
e
a
g
crease the transparency level of financial
S
P
resources, including those of all autono-
r | M
mous entities,’’ Tam added.
s
t
e
o
l
m
Pension fund confrontation
í
s A
u
Ng also confronted the secretary about
s
: L
the major hit the financial crisis had on
t
o
o
h
the pensions fund, which works through
P
investments in stocks and bonds. “What
Questions
about the performance of departments
such as the pensions fund? Are there les-
sons to learn from this financial crisis, or
not? Will there be rules for financial in-
in reserve
vestment, or not?’’ the lawmaker asked.
Tam said he would answer in the
commission because he didn’t have “de-
Despite cast iron assurances over the setting up
tailed information” on hand.
“I don’t know if the question is per-
of a mechanism to control Macau’s substantial
tinent or whether the secretary has the
financial reserves, there are still many unanswered
necessary detailed information, but his
numbers don’t seem to add up,’’ said Au
questions in the minds of lawmakers Kam San, Ng’s colleague.
Ng said the autonomous organism
by Sónia Nunes
budget increased from MOP350 mil-
lion in 2007 to MOP1.4 billion in 20008
M
acau finance chief Fancis referred to a special commission. and raised suspicions about the policy
Tam says a the details of a “Despite the financial crisis, up to of subsidy allocation. “We know the
new financial reserve will the end of 2008, integrated revenues Macau Founsdation is an entity that dis-
be outlined in the Government Policy continued to register a very positive tributes money but we do not know the
Guidelines (GPG) on March 22. balance – more than twice that of the criteria for such distribution. Maybe it
The transfer of the accumulated bal- expenditure,’’ said legislator Ng Kwok has something to do with friendships,’’
ance – which already add up to MOP100 Cheong from the New Democratic he speculated.
billion – may be considered by the Leg- Macau Association. Tam again delayed his answer: “At
islative Assembly. This amounted to MOP62.259 bil- today’s meeting, it’s not convenient to
The secretary for the economy and fi- lion - a 24.7 percent increase compared make any such clarifications”.
nances’ announcement was made during to 2007 - with a MOP38.234 billion
the 2008 budget execution report presen- injection from direct taxes from gam- Public expenditure quiz
tation to lawmakers. The new commis- ing - almost MOP10billion more than The legislators also queried the increase
sionair of audit, Ho Veng Hon, released a the government collected in 2007 – not- in direct gaming taxes and ask for more
“no reserves” opinion, but the democrats withstanding the financial crisis making caution in controlling the public service
reiamed sceptic about the Macau Foun- the pay cuts to workers in the industry expenditure.
dation’s accounting. Clarifications were necessary. “Is this increase in revenues synon-
March 2010
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