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FS outlines fiscal consolidation plan

In the 2024-25 Budget announced today, Financial Secretary Paul Chan proposed a number of measures to increase revenue and outlined a fiscal consolidation programme which aims to restore fiscal balance in a few years’ time.   Mr Chan said even though the Government strived to reduce expenditure as the COVID-19 pandemic had subsided, the total expenditure for 2023-24 reached $727.9 billion, representing an increase of 36.9% compared with 2018-19, of which operating expenditure rose substantially by 40.2% whereas operating revenue increased only 13.1%.   On capital works, owing to the fact that the Government has been pressing ahead with land and housing supply projects, along with other infrastructure works for improving the environment and people’s livelihood, the average annual expenditure has increased from about $76 billion over the past five years to about $85 billion in 2023-24.   Fiscal reserves have dropped to the current level of $733.2 billion.   Fiscal consoli

Political assistant to leave post

The Government today said Political Assistant to the Secretary for Constitutional & Mainland Affairs Kenneth Ng has tendered his resignation.   He will be on leave starting tomorrow and depart the Government with effect from August 30.   Thereafter, Mr Ng will join the West Kowloon Cultural District Authority to take up the position of General Manager, Communications & Public Affairs.   He has sought prior advice from the Advisory Committee on Post-office Employment for Former Chief Executives & Politically Appointed Officials.   Secretary for Constitutional & Mainland Affairs Erick Tsang thanked Mr Ng for his contribution during his tenure and wished him all the best in his future endeavours.   He also expressed hope that Mr Ng would continue to make contributions to Hong Kong.
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