Financial results for 5 months ended August 31

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The Government announced today (September 30) its financial results for the five months ended August 31, 2000.

Expenditure for the period April to August 2000 amounted to $89.3 billion and revenue to $57.1 billion, resulting in a deficit of $32.2 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 $412.1 billion at August 31, 2000.

More detailed figures are shown in Tables 1 and 2.

TABLE 1. CONSOLIDATED ACCOUNT

Year to date

Month ended Apr 1, 2000 to

Aug 31, 2000 Aug 31, 2000

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

HK$ million HK$ million

Revenue 8,217.3 57,148.8

Expenditure (18,806.2) (89,329.6)

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

Deficit (10,588.9) (32,180.8)

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Financing

Domestic

Banking Sector

(Note 1) 10,572.1 31,183.6

Non-Bank Sector 16.8 997.2

External -- --

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Total 10,588.9 32,180.8

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

Debts Guaranteed by Government as at August 31, 2000 (Note 3): HK$4,919.8 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, 2000 to


                             Aug 31, 2000    Aug 31, 2000


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


                            HK$ million       HK$ million




Fiscal Reserves at 


 start of period           422,662.2         444,254.1


Add:


 Consolidated Deficit     (10,588.9)        (32,180.8)


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


Fiscal Reserves at


 end of period             412,073.3          412,073.3


                             ===========       ============

End/Saturday, September 30, 2000

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