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The Government announced today (February 28) its financial results for the ten months ended January 31, 2003.

Expenditure for the period April 2002 to January 2003 amounted to $198.6 billion and revenue to $140.2 billion, resulting in a deficit of $58.4 billion. There was a surplus of $18.8 billion in January.

A Government spokesman said that the surplus of $18.8 billion for the month of January 2003 reflected the salary tax and profits tax collections in that month. He added 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 5, 2003.

The fiscal reserves stood at $314.1 billion at January 31, 2003.

More detailed figures are shown in Tables 1 and 2.

 TABLE 1. CONSOLIDATED ACCOUNT
 
                                           Year to date
                       Month ended         April 1, 2002 to
                       January 31, 2003    January 31, 2003
                        ----------------   ----------------
 
                       HK$ million          HK$ million
 Revenue                  39,835.5            140,193.6
 Expenditure             (20,989.9)          (198,617.0)
                       -----------------   ----------------
 
 Surplus/(Deficit)        18,845.6            (58,423.4)
 
 
 
 
 
 Financing
 Domestic
 Banking Sector (Note 1)   (18,058.7)            57,702.4
 Non-Bank Sector              (786.9)               721.0
 External                         -                     -
                          ----------             --------
 Total                     (18,845.6)            58,423.4
 
 
 Government Debt as at January 31, 2003 (Note 2)       NIL
 Debts Guaranteed by Government as at January 31,
 2003 (Note 3)                           HK$1,389.9 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, 2002 to
               January 31, 2003          January 31, 2003
               ----------------         ------------------
                          HK$ million          HK$ million
 Fiscal Reserves at start   295,234.3           372,503.3
 of period
 Add: Consolidated Surplus/  18,845.6           (58,423.4)
      (Deficit)
                         -------------        ------------ 
 Fiscal Reserves at        314,079.9             314,079.9
 end of period          ==============       ==============

End/Friday, February 28, 2003

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