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World|life|February 26, 2020 / 03:12 PM
Hong Kong to give cash gift of $1,200 to residents

AKIPRESS.COM - Hong Kong will hand out cash to adult permanent residents, to help boost spending and ease financial burden, BBC reports.

As part of the annual budget, $10,000 Hong Kong dollars ($1,280; £985) was announced for about seven million people over the age of 18.

The territory's economy has been battered by months of violent political unrest, and more recently suffered from the impact of the coronavirus.

The city has had 81 confirmed cases of the virus and two deaths.

"Hong Kong's economy is facing enormous challenges this year," Financial Secretary Paul Chan said on Wednesday.

"After careful consideration, I have decided to disburse HK$10,000 to Hong Kong permanent residents aged 18 or above, with a view to encouraging and boosting local consumption on the one hand, and relieving people's financial burden on the other," Mr Chan said.

The individual handouts are part of a HK$120bn relief package to ease the impact of the protests and virus on the economy.

Authorities will also lower public housing rent and there will be rebates in salary and property taxes.

The budget deficit is projected to rise to nearly $18bn by 2021 - a record for the territory.

As the mass media were not included in the list of permitted activities during the state of emergency in Kyrgyzstan, AKIpress apologizes to its readers for reduced promptness and coverage of news.

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