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

Expenditure for the period April 2002 to February 2003 amounted to $216.9 billion and revenue to $149.2 billion, resulting in a deficit of $67.7 billion.

The fiscal reserves stood at $304.8 billion at February 28, 2003.

More detailed figures are shown in Tables 1 and 2.

 TABLE 1. CONSOLIDATED ACCOUNT
 
 
                                        Year to date
                          Month ended     April 1, 2002 to
                      February 28, 2003   February 28, 2003
                    ------------------   ------------------
                        HK $ million         HK $ million
 Revenue                  8,958.4              149,152.0
 Expenditure            (18,264.2)            (216,881.2)
                  -------------------    ------------------
 Surplus/(Deficit)       (9,305.8)            (67,729.2)
                 -------------------    -------------------
 
 Financing
   Domestic
     Banking Sector(Note 1) 9,357.0            67,059.4
     Non-Bank Sector          (51.2)             669.8
   External                     -                  -
                  --------------------    -----------------
 Total                      9,305.8               67,729.2
                 --------------------    ------------------
 
 Government Debt as at February 28, 2003 (Note 2)     NIL
 Debts Guaranteed by Government as at            HK$1,447.6 
                                                 million
   February 28, 2003 (Note 3) 
 
 
 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
                      February 28, 2003   February 28, 2003
                    ------------------   ------------------
                              HK $ million         HK $ million
 Fiscal Reserves at       314,079.9            372,503.3
   start of period
 Add: Consolidated        (9,305.8)           (67,729.2)
        Surplus/(Deficit)
                  ------------------   --------------------
 Fiscal Reserves at      304,774.1             304,774.1
   end of period 
                ==================   =====================

End/Monday, March 31, 2003

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