Hong Kong expects deficit surge with unprecedented economic relief measures

People relaxing at a park as a social gathering deterrent to help curb the spread of the coronavirus, in Hong Kong, on Sunday (April 12). Deficit for this fiscal year is expected to increase remarkably as Hong Kong rolls out unprecedented rounds of economic relief measures, the government said on Sunday- AP

HONG KONG,: The Hong Kong Special Administrative Region (HKSAR) government's deficit for this fiscal year is expected to increase remarkably as it rolls out unprecedented rounds of economic relief measures, two top officials of the HKSAR government said on Sunday (April 12), pledging to make good use of Hong Kong's fiscal reserves to mitigate the impact of economic downturn amid the Covid-19 (coronavirus) pandemic.

The HKSAR government's Financial Secretary Paul Chan told media after attending a radio programme on Sunday morning that the HKSAR government's deficit for this fiscal year is estimated to exceed 280 billion Hong Kong dollars (US$36.12bil).