Hong Kong doubles this year’s deficit forecast to HK$100 billion, RTHK reports

HONG Kong is set to post a consolidated deficit of around HK$100 billion (S$17.3 billion) for the fiscal year through March, more than twice originally forecast, public broadcaster RTHK reported on Monday citing the city’s financial chief.

Financial Secretary Paul Chan updated the deficit forecast at a legislative council meeting after taking into account proceeds from bond issuance, RTHK reported without explaining the change.

Chan had forecast a deficit of HK$48.1 billion in his annual budget in February. The financial hub posted a consolidated deficit of HK$101.6 billion for fiscal 2023/24.

The financial secretary’s office did not immediately respond to a Reuters request for comment. REUTERS