The International Monetary Fund (IMF) Mission completed its 12-day visit to Macao SAR on 14 November 2016 and preliminarily concluded the SAR’s macroeconomic and financial assessments.

In the concluding meeting with the Monetary Authority of Macao (AMCM), the IMF staff pointed out that the Macao SAR economy had started an important transition by moving towards a less volatile and more sustainable economic model. The Macao SAR Government’s sufficient fiscal assets, well-capitalised and liquidity-abundant financial sector, and the credible linked exchange rate system had strengthened the SAR policy framework, which would be conducive to the economic transition.

The IMF Mission welcomed the SAR Government’s plan, based on the “Five-Year Development Plan”, to set up a “sovereign wealth fund” (Investment and Development Fund) for enhancing its fiscal reserve management. Meanwhile, the IMF staff emphasised the importance of the linked exchange rate between the pataca and Hong Kong dollar for the stable development of the Macao SAR economy. Adequate foreign exchange reserves, sound banking system, appropriately prudent fiscal policy and flexible labour market had supported the effective implementation of the linked exchange rate system.

After this visit, the IMF would publish a detailed Staff Report of 2016 Article IV Consultation with Macao SAR within three months.

The IMF’s press release on completing the 2016 Article IV Mission to Macao SAR:

（http://www.imf.org/en/News/Articles/2016/11/15/PR16508-China-Macao-IMF-Staff-Completes-2016-Article-IV-Mission）