HK unveils US$1,284 cash handout to aid economy

HONG KONG: Hong Kong’s embattled government unveiled a budget packed with giveaways including a one-time cash handout, as the city struggles to stabilise an economy battered by political unrest and the coronavirus.

The main feature of Chan’s annual budget announced yesterday is a payment of HK$10,000 (US$1,284) to each permanent resident of the city aged 18 or older, aiding the population “overwhelmed by a heavy atmosphere, ” financial secretary Paul Chan said yesterday. Chan estimated the deficit will reach a record HK$139.1bil in the coming fiscal year.