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The Government announced today (December 29) its financial results for the eight months ended November 30, 2006.
There was a surplus of $18.3 billion in November, thereby reducing the deficit for the eight months ended November 30, 2006 to $3.6 billion. Expenditure for the period amounted to $151.5 billion and revenue $147.9 billion.
A government spokesman said that the improved financial results in November were mainly due to the collection of profits tax. Given the outturn so far, the administration was on track to achieve a surplus of $5.6 billion as estimated in the 2006-07 Budget. The revised estimates are being assessed for the current financial year and would be published along with the 2007-08 Budget on February 28, 2007.
Fiscal reserves stood at $307.1 billion at November 30, 2006.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Eight months ended
November 30, 2006 November 30, 2006
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HK$ million HK$ million
Revenue 37,019.3 147,885.8
Expenditure (18,677.2) (151,469.9)
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Surplus/(Deficit) 18,342.1 (3,584.1)
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Financing
Domestic
Banking Sector (Note 1) (18,463.0) 872.3
Non-Banking Sector 120.9 2,711.8
External - -
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Total (18,342.1) 3,584.1
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Government Debts as at November 30, 2006 (Note 2)
HK$21,718.8 million
Debts Guaranteed by Government as at November 30, 2006 (Note 3)
HK$5,285.3 million
TABLE 2. FISCAL RESERVES
Month ended Eight months ended
November 30, 2006 November 30, 2006
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HK$ million HK$ million
Fiscal Reserves at
start of period 288,736.4 310,662.6
Add: Consolidated
Surplus/(Deficit) 18,342.1 (3,584.1)
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Fiscal Reserves
at end of period 307,078.5 307,078.5
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Notes:
1. Includes transactions with the Exchange Fund and resident banks.
2. The total government debts of $21,718.8 million as at November 30, 2006 comprise:
(i) Toll Revenue Bond of $4,298.8 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 $17,420.0 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/Friday, December 29, 2006
Issued at HKT 16:16
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