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The Government announced today (November 30) its financial results for the seven months ended October 31, 2006.
There was a surplus of $8.5 billion in October, thereby reducing the deficit for the seven months ended October 31, 2006 to $21.9 billion. Expenditure for the period amounted to $132.8 billion and revenue $110.9 billion.
A government spokesman said that the improved financial results in October were mainly due to the collection of profits tax. Given the outturn so far, we were on track to achieve a surplus of $5.6 billion as estimated in the 2006-07 Budget. He however added that it was too early at this stage to make any revised forecast for the year.
The fiscal reserves stood at $288.7 billion as at October 31, 2006.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Seven months ended
October 31, 2006 October 31, 2006
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HK$ million HK$ million
Revenue 28,011.5 110,866.5
Expenditure (19,548.9) (132,792.7)
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Surplus/(Deficit) 8,462.6 (21,926.2)
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Financing
Domestic
Banking Sector (Note 1) (8,595.4) 19,335.3
Non-Banking Sector 132.8 2,590.9
External - -
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Total (8,462.6) 21,926.2
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Government Debts as at October 31, 2006 (Note 2)
HK$21,847.4 million
Debts Guaranteed by Government as at October 31, 2006 (Note 3)
HK$5,282.1 million
TABLE 2. FISCAL RESERVES
Month ended Seven months ended
October 31, 2006 October 31, 2006
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HK$ million HK$ million
Fiscal Reserves
at start of period 280,273.8 310,662.6
Add: Consolidated
Surplus/(Deficit) 8,462.6 (21,926.2)
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Fiscal Reserves at
end of period 288,736.4 288,736.4
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Notes :
1. Includes transactions with the Exchange Fund and resident banks.
2. The total government debts of $21,847.4 million as at October 31, 2006 comprise :
(i) Toll Revenue Bond of $4,426.8 million to be repaid to Hong Kong Link 2004 Limited by the net toll revenue receivable of government tolled tunnels and bridges. Of the outstanding Toll Revenue Bond, $880 million will mature in May 2007 and the rest will mature by May 2016 but may be fully repaid before then; and
(ii) Retail bonds and institutional notes totalling $17,420.6 million (including US$1.25 billion denominated in United States dollars). The maturity dates of these bonds and notes fall 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.
Ends/Thursday, November 30, 2006
Issued at HKT 16:16
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