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The Government announced today (June 30) its financial results for the two months ended May 31, 2008.
Expenditure for the period April to May 2008 amounted to $38.7 billion and revenue $33.0 billion, resulting in a deficit of $5.7 billion.
A government spokesman said that a deficit in the initial months of a financial year was not unusual as some major revenue items including salaries and profits taxes were mostly received towards the end of a financial year.
The fiscal reserves stood at $487.2 billion as at May 31, 2008.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Two months ended
May 31, 2008 May 31, 2008
HK$ million HK$ million
Revenue 10,824.3 33,021.2
Expenditure (18,350.0) (38,709.9)
___________ __________
Deficit (7,525.7) (5,688.7)
__________ ___________
Financing
Domestic
Banking Sector(Note 1) 6,517.6 4,145.5
Non-Banking Sector 1,008.1 1,543.2
External - -
_______ ________
Total 7,525.7 5,688.7
_______ ________
Government Debts as at May 31, 2008(Note 2)
HK$19,905.4 million
Debts Guaranteed by Government as at May 31, 2008(Note 3)
HK$4,008.3 million
TABLE 2. FISCAL RESERVES
Month ended Two months ended
May 31, 2008 May 31, 2008
HK$ million HK$ million
Fiscal Reserves at
start of period 494,751.5 492,914.5
Add : Consolidated
Deficit (7,525.7) (5,688.7)
__________ __________
Fiscal Reserves at
end of period 487,225.8 487,225.8
_________ _________
Notes :
1. Includes transactions with the Exchange Fund and resident banks.
2. The total Government debts of $19,905.4 million as at May 31, 2008 comprise :
(i) Toll Revenue Bond of $2,450.3 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 $17,455.1 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 $14,755.1 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/Monday, June 30, 2008
Issued at HKT 16:15
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