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The government announced today (Monday) its financial results for the month ended April 30, 1999.

Expenditure for the first month of the current financial year amounted to $24,725.3 million and revenue to $13,307.9 million, resulting in a deficit for the month ended April 30, 1999 of $11,417.4 million. During the month, the government injected $8,500 million of capital into the Kowloon-Canton Railway Corporation for the West Rail Project.

The fiscal reserves stood at $422,885 million at April 30, 1999, a decrease of $11,417.4 million compared with the balance of $434,302.4 million at March 31, 1999, the end of the previous financial year. The aforesaid balance at March 31, 1999 is slightly higher than the provisional figure of $434,269.7 million announced on April 30, 1999.

More detailed figures are shown in Tables 1 and 2.

TABLE 1. CONSOLIDATED ACCOUNT

Month Ended

April 30, 1999

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HK$ million

Revenue 13,307.9

Expenditure (24,725.3)

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Deficit (11,417.4)

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Financing

Domestic

Banking Sector (Note 1) 11,773.5

Non-Bank Sector (356.1)

External --

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Total 11,417.4

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Government Debt as at

April 30, 1999 (Note 2): NIL

Debts Guaranteed by Government as at

April 30, 1999 (Note 3): HK$828.3 million

Notes :

1. Includes transactions with the Exchange Fund and resident banks.

2. The Government is debt free.

3. Guarantees provided under the Special Finance Scheme for Small and Medium Enterprises.

TABLE 2. FISCAL RESERVES

Month Ended

April 30, 1999

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HK$ million

Fiscal Reserves at start of period 434,302.4

Add: Consolidated Deficit (11,417.4)

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Fiscal Reserves at end of period 422,885.0

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End/Monday, May 31, 1999

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