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The Government announced today (Tuesday) its financial results for the ten months ended January 31, 2000.

Expenditure for the period April 1999 to January 2000 amounted to $183,272.4 million and revenue to $161,553.3 million, resulting in a deficit of $21,719.1 million.

The fiscal reserves stood at $412,583.3 million at January 31, 2000, a decrease of $21,719.1 million compared with the balance of $434,302.4 million at March 31, 1999, the end of the previous financial year.

There was a surplus of $22,986.4 million in January. A Government spokesman said that the improvement in the finances was mainly due to the normal high level of Salaries Tax receipts during the month. 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

                      Jan 31, 2000   Jan 31, 2000

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

                      HK$ million     HK$ million



Revenue               42,790.2         161,553.3

Expenditure          (19,803.8)       (183,272.4)

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

Surplus/(Deficit)     22,986.4         (21,719.1)

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



Financing

  Domestic

    Banking Sector

    (Note 1)         (22,226.2)         20,220.7

    Non-Bank Sector     (760.2)          1,498.4

  External                --                 --

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

Total                 (22,986.4)         21,719.1

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

Government Debt as at January 31, 2000 (Note 2): NIL

Debts Guaranteed by Government as at Jan 31, 2000 (Note 3): HK$4,011.3 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

                                        Year to date

                      Month Ended    Apr 1, 1999 to

                      Jan 31, 2000   Jan 31, 2000

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

                      HK$ million     HK$ million



Fiscal Reserves 

at start of period  389,596.9        434,302.4

Add: 

 Consolidated

 Surplus/(Deficit)   22,986.4        (21,719.1)

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

Fiscal Reserves 

at end of period    412,583.3         412,583.3

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

End/Tuesday, February 29, 2000

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