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The Government announced today (September 30) its financial results for the five months ended August 31, 2008.
Expenditure for the period April to August 2008 amounted to $105.6 billion and revenue $69.4 billion, resulting in a deficit of $36.2 billion.
A government spokesman said that the deficit for the period was mainly because some major revenue items including salaries and profits taxes were mostly received towards the end of a financial year.
The fiscal reserves stood at $456.8 billion as at August 31, 2008.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Five months ended
August 31, 2008 August 31, 2008
--------------- ---------------
HK$ million HK$ million
Revenue 9,153.5 69,422.1
Expenditure (21,087.4) (105,582.7)
---------- ------------
Deficit (11,933.9) (36,160.6)
--------- -----------
Financing
Domestic
Banking Sector(Note 1) 12,731.4 35,256.1
Non-Banking Sector (797.5) 904.5
External - -
--------- ---------
Total 11,933.9 36,160.6
-------- --------
Government Debts as at August 31, 2008 (Note 2)
HK$17,051.5 million
Debts Guaranteed by Government as at August 31, 2008 (Note 3)
HK$4,019.6 million
TABLE 2. FISCAL RESERVES
Month ended Five months ended
August 31, 2008 August 31, 2008
---------------- ---------------
HK$ million HK$ million
Fiscal Reserves at 468,687.8 492,914.5
start of period
Less : Consolidated (11,933.9) (36,160.6)
Deficit ---------- ----------
Fiscal Reserves at 456,753.9 456,753.9
end of period ---------- ----------
Notes :
1. Includes transactions with the Exchange Fund and resident banks.
2. The total Government debts of $17,051.5 million as at August 31, 2008 comprise:
(i) Toll Revenue Bond of $2,294.4 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) Institutional notes of $14,757.1 million (including US$1.25 billion denominated in United States dollars). Of the outstanding amount, $3,500 million will mature in July 2009 and the rest will mature within the period August 2014 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/Tuesday, September 30, 2008
Issued at HKT 16:30
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