Thirty seven finance panel lawmakers voted to approve a new round of funding, while 23 opposed it. Funding of HK$24 billion for a third round of the government’s Anti-Epidemic Fund was approved today by the Legislative Council Finance Committee, following two days of discussisons. Before the vote today, some panel members had called for further cash handouts, but the idea was rejected. As a result of the relief packages, fiscal reserves are forecast to drop to HK$800 billion by the end of the financial year, equivalent to around 12-13 months’ government spending. The budget deficit is expected to reach an all-time-high at more than HK$300 billion in the 2020-21 financial year.

Source: The Standard September 28, 2020 11:48 UTC