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The Government announced today (February 28) its financial results for the ten months ended January 31, 2007.
There was a surplus of $37.1 billion in January, thereby bringing a net surplus of $42.9 billion up to end of January. Expenditure for the period April 2006 to January 2007 amounted to $188.7 billion and revenue $231.6 billion.
A government spokesman said that the surplus in January was mainly due to the collection of profits tax and salaries tax.
The fiscal reserves stood at $353.6 billion as at January 31, 2007.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Ten months ended
January 31, 2007 January 31, 2007
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HK$ million HK$ million
Revenue 56,780.5 231,592.7
Expenditure (19,666.5) (188,661.8)
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Surplus 37,114.0 42,930.9
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Financing
Domestic
Banking Sector (Note 1) (36,610.1) (44,740.4)
Non-Banking Sector (503.9) 1,809.5
External - -
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Total (37,114.0) (42,930.9)
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Government Debts as at January 31, 2007 (Note 2)
HK$21,810.6 million
Debts Guaranteed by Government as at January 31, 2007 (Note 3)
HK$5,185.7 million
TABLE 2. FISCAL RESERVES
Month ended Ten months ended
January 31, 2007 January 31, 2007
---------------- ----------------
HK$ million HK$ million
Fiscal Reserves at
start of period 316,479.5 310,662.6
Add: Consolidated
Surplus 37,114.0 42,930.9
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Fiscal Reserves
at end of period 353,593.5 353,593.5
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Notes:
1. Includes transactions with the Exchange Fund and resident banks.
2. The total government debts of $21,810.6 million as at January 31, 2007 comprise :
(i) Toll Revenue Bond of $4,348.4 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 $17,462.2 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/Wednesday, February 28, 2007
Issued at HKT 16:15
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