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The Government announced today (May 31) its financial results for the first month ended April 30, 2001.

Expenditure for the first month of the current financial year amounted to $18.8 billion and revenue to $16 billion, resulting in a deficit of $2.8 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 $427.5 billion at April 30, 2001.

More detailed figures are shown in Tables 1 and 2.

TABLE 1. CONSOLIDATED ACCOUNT

                                         Month ended
                                         April 30, 2001
                                         --------------
                                         HK $ million
Revenue                                    15,989.6
Expenditure                              (18,803.8)
                                           -----------
Deficit                                    (2,814.2)
                                           -----------
Financing
  Domestic
    Banking Sector (Note 1)                1,491.5
    Non-Bank Sector                        1,322.7
  External                                      --
                                           -----------
Total                                        2,814.2
                                           -----------

Government Debt as at April 30, 2001 (Note 2): NIL

Debts Guaranteed by Government as at April 30, 2001 (Note 3): HK$4,570 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, 2001
                                           --------------
                                           HK $ million
Fiscal Reserves at start of period          430,277.7
Add :	Consolidated Deficit               (2,814.2)
                                             -----------
Fiscal Reserves at end of period            427,463.5
                                             ===========

End/Thursday, May 31, 2001

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