Financial results for the eleven months ended February 28, 2001

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The Government announced today (March 31) its financial results for the eleven months ended February 28, 2001.

Expenditure for the period April 2000 to February 2001 amounted to $200.4 billion and revenue to $191.6 billion, resulting in a deficit of $8.8 billion.

The fiscal reserves stood at $435.5 billion at February 28, 2001.

More detailed figures are shown in Tables 1 and 2.

TABLE 1. CONSOLIDATED ACCOUNT

Month ended Year to date

Feb 28, 2001 Apr 1, 2000 to

Feb 28, 2001

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

HK $ million HK $ million

Revenue 11,358.2 191,663.4

Expenditure (17,913.2) (200,415.3)

Deficit (6,555.0) (8,751.9)

Financing

Domestic

Banking Sector (Note 1) 7,347.3 9,114.1

Non-Bank Sector (792.3) (362.2)

External -- --

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

Total 6,555.0 8,751.9

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

Government Debt as at February 28, 2001 (Note 2): NIL

Debts Guaranteed by Government as at February 28, 2001 (Note 3): HK$4,663 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      Year to date 



                         Feb 28, 2001     April 1, 2000 to




                                          Feb 28, 2001




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




                          HK $ million     HK $ million








Fiscal Reserves at




start of period             442,057.2        444,254.1




Add: Consolidated Deficit    (6,555.0)        (8,751.9)




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




Fiscal Reserves at 




end of period                435,502.2        435,502.2




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End/Saturday, March 31, 2001

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