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The Government announced today (December 28) its financial results for the eight months ended November 30, 2007.
There was a surplus of $32.4 billion in November, thereby bringing a surplus of $50.6 billion up to end of November 2007. Expenditure for the period April to November 2007 amounted to $152 billion and revenue $202.6 billion.
A government spokesman explained that the surplus in November was mainly due to the collection of profits tax and proceeds from land sold in October. We are assessing the revised estimates for the current financial year and would publish them along with the 2008-09 Budget on February 27, 2008.
The fiscal reserves stood at $419.9 billion as at November 30, 2007.
More detailed figures are shown in Tables 1 and 2.
Table 1. Consolidated Account
Month ended Eight months ended
November 30, 2007 November 30, 2007
---------------- ----------------
HK$ million HK$ million
Revenue 51,190.9 202,643.0
Expenditure (18,746.6) (152,003.3)
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Surplus 32,444.3 50,639.7
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Financing
Domestic
Banking Sector (Note 1) (32,396.1) (52,474.0)
Non-Banking Sector (48.2) 1,834.3
External - -
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Total (32,444.3) (50,639.7)
--------- ---------
Government Debts as at
November 30, 2007 (Note 2)
HK$20,261.3 million
Debts Guaranteed by Government
as at November 30, 2007 (Note 3)
HK$4,423.6 million
Table 2. Fiscal Reserves
Month ended Eight months ended
November 30, 2007 November 30, 2007
---------------- ----------------
HK$ million HK$ million
Fiscal Reserves
at start of period 387,459.6 369,264.2
Add : Consolidated
Surplus 32,444.3 50,639.7
--------- --------
Fiscal Reserves at
end of period 419,903.9 419,903.9
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Notes :
1. Includes transactions with the Exchange Fund and resident banks.
2. The total government debts of $20,261.3 million as at November 30, 2007 comprise:
(i) Toll Revenue Bond of $2,825.3 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 $17,436 million (including US$1.25 billion denominated in United States dollars). Of the outstanding amount, the retail bonds of $2,700 million will mature in July 2008 and the institutional notes totalling $14,736 million will mature within the period July 2009 to July 2019.
3. Includes guarantees provided under the Special Finance Scheme for Small and Medium Enterprises, the SME Loan Guarantee Scheme, the Film Guarantee Fund and the Loan Guarantee Scheme for Severe Acute Respiratory Syndrome Impacted Industries.
Ends/Friday, December 28, 2007
Issued at HKT 16:34
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