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The Government announced today (January 31) its financial results for the nine months ended December 31, 2001.

Expenditure for the period April to December 2001 amounted to $174.1 billion and revenue to $113.3 billion, resulting in a deficit of $60.8 billion.

A Government spokesman said that an up-to-date assessment of the likely deficit for the current financial year will be provided by the Financial Secretary in his Budget Speech on March 6, 2002.

The fiscal reserves stood at $369.5 billion at December 31, 2001.

More detailed figures are shown in Tables 1 and 2.

TABLE 1.   CONSOLIDATED ACCOUNT


                                         Year to date 


                  Month ended            April 1, 2001 to 


                  December 31, 2001      December 31, 2001


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


                  HK $ million           HK $ million


Revenue           13,660.9               113,346.3


Expenditure       (19,513.2)             (174,130.6)


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


Deficit           (5,852.3)              (60,784.3)


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


Financing


Domestic


Banking Sector

(Note 1)              5,957.4              59,095.8


Non-Bank Sector        (105.1)              1,688.5


External                  -                    -  


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


Total                 5,852.3              60,784.3


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




Government Debt as at 


   December 31, 2001 (Note 2)                NIL


Debts Guaranteed by Government as at


   December 31, 2001 (Note 3)           HK$3,061.6 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, the Self-employment Business Start-up Assistance Scheme and the SME Business Installations and Equipment Loan Guarantee Scheme.

TABLE 2.   FISCAL RESERVES




                                         Year to date 


                  Month ended            April 1, 2001 


                  to December 31, 2001   December 31, 2001


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


                  HK $ million           HK $ million


Fiscal Reserves at 


   start of period   375,345.7           430,277.7


Add : Consolidated


      Deficit        (5,852.3)           (60,784.3)


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


Fiscal Reserves at    369,493.4          369,493.4


   end of period      ----------         -----------

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