IMF affirms Macao SAR's policy response in containing pandemic

MACAO -- The International Monetary Fund (IMF) has affirmed the Macao Special Administrative Region (SAR) government's policy response in containing the COVID-19 pandemic and the deployment of fiscal resources to soften its adverse impact on the economy, the Monetary Authority of Macao said on Monday.

The linked exchange rate system between the Macao pataca and the Hong Kong dollar continued to serve the Macao SAR well, underpinning its economic and financial stability, according to a concluding statement from the IMF Article IV consultation for Macao through virtual meetings from Jan 10 to Jan 21.

The IMF mission welcomed the initiatives of Macao SAR's Monetary Authority in launching new financial infrastructure to promote the development of modern financial services.

The IMF mission also recommended a multi-dimensional approach in enhancing the supply of skilled labor to support Macao's financial sector expansion, including additional investments in professional training and information and communication infrastructure, expediting regional integration and streamlining business regulations.