Ailing public health care sector gets HK$80.6 billion shot in the arm from Hong Kong budget
- A new HK$10 billion stabilisation fund will offer sector a safety net
- Extra funding will be provided to expand the list of prescription drugs
Hong Kong’s overloaded health sector emerged as one of the biggest winners in Wednesday’s budget, receiving morale-boosting measures worth a total of HK$80.6 billion (US$10.3 billion) in recurrent expenditure – a significant increase of more than 10 per cent from last year.
One move that won praise was the creation of a new HK$10 billion (US$1.3 billion) stabilisation fund to help the Hospital Authority weather financial storms.
The sum was equivalent to about two months of spending by the authority, which runs Hong Kong’s public hospitals. A government source said it provided a safety net for the health care sector in the event the government was unable to provide sufficient funding, for example during an economic downturn.
Delivering his budget speech on Wednesday, Financial Secretary Paul Chan Mo-po said: “I have noticed many people from the public and private medical sectors, even university professors, have expressed worries about future resources. Creating the fund is meant to give everyone an assurance.”