P1: The IMF concludes its consultation on Macao’s macroeconomic and financial assessments
The International Monetary Fund (IMF) Mission conducted its Article IV Consultation for Macao SAR through virtual meetings on 10-21 January 2022 and preliminarily concluded the SAR’s macroeconomic and financial assessments.
In the Staff Concluding Statement of the 2022 IMF Article IV Mission, the IMF staff affirmed the Macao SAR Government’s strong policy response in containing the pandemic and the deployment of fiscal resources to soften its adverse impact on the economy. Meanwhile, the linked exchange rate system between the Macao pataca and the Hong Kong dollar continued to serve Macao SAR well, underpinning its economic and financial stability.
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. To advance the diversification agenda, the IMF Mission recommended a multi-dimensional approach in enhancing the supply of skilled labour to support financial sector expansion, including additional investments in professional training and information and communication infrastructure, expediting regional integration and streamlining business regulations. Concurrently, it would be important to further strengthen the regulatory and supervisory framework for preserving financial stability and integrity in the course of promoting financial sector development.
After disseminating the Concluding Statement, the IMF would publish a detailed Staff Report of 2022 Article IV Consultation with Macao SAR within three months.
