Financial results for the three months ended June 30, 2001

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The Government announced today (July 31) its financial results for the three months ended June 30, 2001.

Expenditure for the period April to June 2001 amounted to $54.8 billion and revenue to $31.9 billion, resulting in a deficit of $22.9 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 $407.3 billion at June 30, 2001.

More detailed figures are shown in Tables 1 and 2.

TABLE 1. CONSOLIDATED ACCOUNT

Year to date

Month ended April 1, 2001 to

June 30, 2001 June 30, 2001

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HK $ million HK $ million

Revenue 7,705.2 31,896.6

Expenditure (17,498.3) (54,832.4)

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Deficit (9,793.1) (22,935.8)

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Financing

Domestic

Banking Sector(Note 1) 9,966.1 21,284.3

Non-Bank Sector (173.0) 1,651.5

External -- --

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Total 9,793.1 22,935.8

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

Debts Guaranteed by Government as at June 30, 2001 (Note 3): HK$4,271.6 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    April 1, 2001 to
                           June 30, 2001  June 30, 2001
                           -------------  ---------------
                            HK $ million    HK $ million
Fiscal Reserves at 
 start of period             417,135.0       430,277.7
Add: Consolidated Deficit     (9,793.1)      (22,935.8)
                           ------------     -----------
Fiscal Reserves at 
 end of period               407,341.9       407,341.9
                             ===========     ===========

End/Tuesday, July 31, 2001

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