Fiscal Policy
Hong Kong budget stresses long-term investments amid public criticism
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Hong Kong Financial Secretary Paul Chan unveiled the 2026 budget on Wednesday, emphasizing investments in artificial intelligence and infrastructure while facing criticism for the absence of direct cash handouts to residents. The budget projects a surplus and includes a rare transfer from the Exchange Fund.
Prime Minister Kim Min-seok vowed on Monday that the government would use taxpayers' money responsibly after the Cabinet approved guidelines for the 2027 budget. The plan emphasizes an expansionary fiscal policy to foster new growth engines, with spending set at 764.4 trillion won ($503 billion), up 5 percent from 728 trillion won this year.
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Rating agency Fitch Ratings has decided to maintain France's sovereign debt rating at A+ with a stable outlook, despite ongoing budgetary challenges. This decision comes amid global instability from the war in Iran. Economy Minister Roland Lescure welcomed the announcement as recognition of the government's efforts.
The Federal Government of Nigeria has reaffirmed its commitment to implementing key tax reform laws starting January 1, 2026, despite ongoing procedural reviews by the National Assembly. Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, stated that preparations are on track following a briefing with President Bola Tinubu. The reforms aim to ease the tax burden on most Nigerians while promoting economic growth.
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Following the Cabinet's approval of a record ¥122.3 trillion fiscal 2026 budget, Prime Minister Sanae Takaichi announced a projected primary balance surplus—the first in 28 years—highlighting progress toward long-term fiscal health amid high debt concerns.
The Joint Budget Committee approved the 2026 Budget Guidelines Law on Wednesday (3), requiring the government to pay 65% of parliamentary amendments before the electoral period. The text also authorizes the Executive to target the floor of the fiscal target to avoid expense freezes in an election year. The plenary vote is scheduled for Thursday (4).
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The fiscal budget for 2026 was approved on Wednesday night, concluding a process marked by creative accounting practices according to an economist. Michelle Labbé criticizes the systematic overestimation of revenues under the current administration, which has increased deficits and debt. The budget appears designed to constrain a potential opposition-led new administration.
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