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The Government announced today (December 31) its financial results for the eight months ended November 30, 2005.
There was a surplus of $19 billion in November, thereby reducing the year-to-date deficit to $12.5 billion for the period April to November 2005. Expenditure for the period April to November 2005 amounted to $153.1 billion and revenue $140.6 billion.
A Government spokesman said that the improvement recorded in November was mainly due to profits tax receipts. He added that it was too early at this stage to draw any conclusion on the deficit outturn for the full year.
The fiscal reserves stood at $283.5 billion at November 30, 2005.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Eight months ended
November 30, 2005 November 30, 2005
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HK$ million HK$ million
Revenue 37,252.0 140,584.4
Expenditure (18,274.4) (153,043.4)
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Surplus/(Deficit) 18,977.6 (12,459.0)
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Financing
Domestic
Banking Sector(Note 1) (19,074.0) 10,646.9
Non-Banking Sector 96.4 1,812.1
External - -
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Total (18,977.6) 12,459.0
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Government Debts as at November 30, 2005 (Note 2)
HK$24,727.1 million
Debts Guaranteed by Government as at November 30, 2005 (Note 3)
HK$5,557.0 million
Notes:
1. Includes transactions with the Exchange Fund and resident banks.
2. The total government debts of $24,727.1 million as at November 30, 2005 comprise :
(i) Toll Revenue Bond of $4,784.6 million to be repaid to Hong Kong Link 2004 Limited by the net toll revenue receivable of government tolled tunnels and bridges. The outstanding Toll Revenue Bond will mature by May 2016 but may be fully repaid before then; and
(ii) Retail bonds and institutional notes totalling $19,942.5 million (including US$1.25 billion denominated in United States dollars). Of the outstanding retail bonds and institutional notes, $2,550 million will mature within the next 12 months and the rest will mature within the period July 2008 to July 2019.
3. Includes guarantees provided under the Special Finance Scheme for Small and Medium Enterprises, the Self-employment Business Start-up Assistance Scheme, the SME Loan Guarantee Scheme, the Film Guarantee Fund and the Loan Guarantee Scheme for Severe Acute Respiratory Syndrome Impacted Industries.
TABLE 2. FISCAL RESERVES
Month ended Eight months ended
November 30, 2005 November 30, 2005
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HK$ million HK$ million
Fiscal Reserves at
start of period 264,544.7 295,981.3
Add: Consolidated
Surplus/(Deficit) 18,977.6 (12,459.0)
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Fiscal Reserves at
end of period 283,522.3 283,522.3
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Ends/Saturday, December 31, 2005
Issued at HKT 10:01
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