An International Monetary Fund (IMF) Staff Mission has commended the resilience of Hong Kong’s financial system and Linked Exchange Rate System (LERS) despite a slowing economy, noting that a history of prudent macroeconomic policies has left Hong Kong with significant buffers to navigate through cyclical and structural challenges. The Mission also expressed support for the Government’s various policies to support the economy and safeguard financial stability.
The assessment was made in the Concluding Statement of the IMF Mission published today (December 4), following the 2019 Article IV Consultation with the Hong Kong Special Administrative Region (HKSAR).
The Financial Secretary, Mr Paul Chan, said, “I welcome the IMF’s recognition of our robust policy framework and significant buffers built up over the years to cushion possible shocks to our economy and financial system, amid weakened economic activity and mounting headwinds on the outlook. I am glad that the IMF supports the relief measures we formulated earlier to cope with the economic challenges. We will stay vigilant and monitor the economic situation closely. We are prepared to roll out further relief measures if necessary.”