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The Government announced today (March 31) the financial results for the eleven months ended February 29, 2000.

Expenditure for the period April 1999 to February 2000 amounted to $200,738.2 million and revenue to $180,472.5 million, resulting in a deficit of $20,265.7 million.

The fiscal reserves stood at $414,036.7 million at February 29, 2000, a decrease of $20,265.7 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 $1,453.4 million in February. A Government spokesman said that a significant surplus was expected in March as a result of the pattern of receipts and payments.

More detailed figures are shown in Tables 1 and 2.

TABLE 1. CONSOLIDATED ACCOUNT

                                              Year to date

                     Month Ended         April 1, 1999 to

                  February 29, 2000    February 29, 2000

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

                    HK $ million          HK $ million

Revenue              18,919.2             180,472.5

Expenditure      (17,465.8)               (200,738.2)     

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

Surplus/(Deficit)   1,453.4             (20,265.7)

	

Financing

Domestic

anking Sector(Note 1)  (802.8)            19,417.9

Non-Bank Sector        (650.6)             847.8

External               -                     -

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

Total             (1,453.4)              20,265.7

Government debt as at February 29, 2000 (Note 2) NIL

Debts guaranteed by Government as at February 29, 2000 (Note 3) HK$4,454.2m

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       April 1, 1999 to

                   February 29, 2000   February 29, 2000

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

                      HK $ million         HK $ million

Fiscal Reserves at 

start of period        412,583.3            434,302.4

Add :Consolidated 

Surplus/(Deficit)      1,453.4           (20,265.7)

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

Fiscal Reserves at 

end of period          414,036.7            414,036.7

End/Friday, March 31, 2000

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