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The Government announced today (May 31) its financial results for the first month ended April 30, 2000.

Expenditure for the first month of the current financial year amounted to $17.5 billion and revenue to $15.4 billion, resulting in a deficit of $2.1 billion.

A Government spokesman said that a deficit in the initial months of a financial year was not unusual as many major types of revenue including taxes were mostly received towards the end of a financial year.

The fiscal reserves stood at $442.2 billion at April 30, 2000.

More detailed figures are shown in Tables 1 and 2.

TABLE 1. CONSOLIDATED ACCOUNT

Month ended

April 30, 2000

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HK$ million

Revenue 15,472.8

Expenditure (17,536.1)

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Deficit (2,063.3)

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Financing

Domestic

Banking Sector (Note 1) 1,340.7

Non-Bank Sector 722.6

External --

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Total 2,063.3

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Government Debt as at April 30, 2000 (Note 2) : NIL

Debts Guaranteed by Government as at April 30, 2000 (Note 3) : HK$4,942.9 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, 2000

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HK$ million

Fiscal Reserves at

start of period 444,254.1

Add: Consolidated Deficit (2,063.3)

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Fiscal Reserves at 442,190.8

end of period ===========

End/Wednesday, May 31, 2000

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