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The Government announced today (Monday) its financial results for the nine months ended December 31, 1999.

Expenditure for the period April to December 1999 amounted to $163,468.6 million and revenue to $118,763.1 million, resulting in a deficit of $44,705.5 million.

The fiscal reserves stood at $389,596.9 million at December 31, a decrease of $44,705.5 million compared with the balance of $434,302.4 million at March 31, 1999, the end of the previous financial year.

A Government spokesman said that revenue would pick up significantly in the final quarter of the year as over 80% of Salaries Tax was collected in the three months from January to March. An up to date assessment of the likely deficit for the current fiscal year will be provided by the Financial Secretary in his Budget Speech on March 8, 2000.

More detailed figures are shown in Tables 1 and 2.

TABLE 1.	CONSOLIDATED ACCOUNT

                                                Year to date

                               Month Ended    Apr 1, 1999 to

                               Dec 31, 1999   Dec 31, 1999

                               ------------   --------------

                               HK$ million    HK$ million



Revenue                        12,629.0        118,763.1

Expenditure                  (18,480.5)      (163,468.6)

                               ----------      -----------

Deficit                        (5,851.5)       (44,705.5)

                               ----------      -----------

Financing

  Domestic

    Banking Sector(Note 1)   5,189.4          42,446.9

    Non-Bank Sector              662.1           2,258.6

  External                         --                 --

                                ---------       ----------

Total                           5,851.5          44,705.5

                                ---------       ----------



Government Debt as at December 31, 1999 (Note 2): NIL

Debts Guaranteed by Government as at December 31, 1999

(Note 3) :HK$3,355.4 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



                                                Year to date

                               Month Ended    Apr 1, 1999 to

                               Dec 31, 1999   Dec 31, 1999

                               ------------   --------------

                               HK$ million    HK$ million



Fiscal Reserves at 

 start of period             395,448.4       434,302.4

Add :

  Consolidated Deficit       (5,851.5)      (44,705.5)

                               -----------     -----------

Fiscal Reserves at 

 end of period               389,596.9        389,596.9

                               -------------     -------------

End/Monday, January 31, 2000

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