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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

iAM Smart to suspend service

The mobile app services of iAM Smart will be temporarily suspended from 11pm on February 2 to perform a system upgrade, the Office of the Government Chief Information Officer announced today.


In addition to explaining that the aim of the system upgrade is to facilitate the introduction of additional new functions, the office pointed out that the services of the one-stop personalised digital services platform are expected to resume by 7am on February 3.


It also advised users to make advance arrangements for their online services or use other means provided by the website or mobile application of the relevant government departments or organisations to access the required services if necessary during the system upgrade.

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