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The Government announced today (April 30) its provisional financial results for the year ended March 31, 2002.
Expenditure for the year ended March 31, 2002 amounted to $238.9 billion and revenue to $175.6 billion, resulting in a deficit of $63.3 billion.
The fiscal reserves stood at $372.5 billion at March 31, 2002, a decrease of $57.8 billion compared with the balance of $430.3 billion at March 31, 2001. This decrease was due to the deficit of $63.3 billion for the year ended March 31, 2002, partly offset by a write-back amounting to $5.5 billion of the provision made in the previous financial year for the fall in the market value of the Government's investments with the Exchange Fund during the period from January 1, 2001 to March 31, 2001.
A Government spokesman said that the deficit of $63.3 billion was very close to the revised deficit of $65.6 billion announced in the Financial Secretary's 2002-03 Budget Speech.
The spokesman added that all figures were provisional pending the final closing of the annual accounts but that experience showed that any changes to the provisional figures were unlikely to be significant.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. PROVISIONAL ACCOUNTS(Note 1)
|
Month ended March 31, 2002 HK $ million |
Year ended March 31, 2002 HK $ million |
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|
Revenue |
11,251.9 |
175,542.9 |
|
|
Expenditure |
(24,866.9) |
(238,863.0) |
|
|
|
|
||
|
Deficit |
(13,615.0) |
(63,320.1) |
|
|
|
|
|
|
|
Financing |
|||
|
Domestic |
|||
|
Banking Sector(Note 2) |
12,801.8 |
61,860.8 |
|
|
Non-Bank Sector |
813.2 |
1,459.3 |
|
|
External |
- |
- |
|
|
|
|
|
|
|
Total |
13,615.0 |
63,320.1 |
|
|
|
|
|
|
|
Government Debt as at March 31, 2002 (Note 3) |
NIL |
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|
Debts Guaranteed by Government as at March 31, 2002 (Note 4) |
HK$2,074.8 million |
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|
Notes : |
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|
1. |
All figures are provisional pending the final closing of the annual accounts. |
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|
2. |
Includes transactions with the Exchange Fund and resident banks. |
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3. |
The Government is debt free. |
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|
4. |
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. |
|
ABLE 2. FISCAL RESERVES (PROVISIONAL)
|
Month ended March 31, 2002 HK $ million |
Year ended March 31, 2002 HK $ million |
||
|
Fiscal Reserves at start of period |
380,572.6 |
430,277.7 |
|
|
Consolidated Deficit |
(13,615.0) |
(63,320.1) |
|
|
Write-back of provision for loss in Investments with the Exchange Fund |
5,556.1 |
5,556.1 |
|
|
|
|
|
|
|
Fiscal Reserves at end of period |
372,513.7 |
372,513.7 |
|
|
|
|
End/Tuesday, April 30, 2002
