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The Government announced today (October 31) its financial results for the six months ended September 30, 2008.
Expenditure for the period April to September 2008 amounted to $128.5 billion and revenue $79.9 billion, resulting in a deficit of $48.6 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. Having regard to the current financial position and economic environment, it is expected that the deficit for 2008-09 will be higher than the original estimate of $7.5 billion.
The fiscal reserves stood at $444.3 billion as at September 30, 2008.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Six months ended
September 30, 2008 September 30, 2008
__________________ __________________
HK$ million HK$ million
Revenue 10,485.3 79,907.4
Expenditure (22,916.0) (128,498.7)
________________ __________________
Deficit (12,430.7) (48,591.3)
________________ __________________
Financing
Domestic
Banking Sector(Note 1) 12,501.7 47,757.8
Non-Banking Sector (71.0) 833.5
External - -
_____________ _____________
Total 12,430.7 48,591.3
_____________ ___________
Government Debts as at September 30, 2008 (Note 2)
HK$16,998.3 million
Debts Guaranteed by Government as at September 30, 2008 (Note 3)
HK$3,951.4 million
TABLE 2. FISCAL RESERVES
Month ended Six months ended
September 30, 2008 September 30, 2008
_________________ __________________
HK$ million HK$ million
Fiscal Reserves at 456,753.9 492,914.5
start of period
Less : Consolidated Deficit (12,430.7) (48,591.3)
________________ _________________
Fiscal Reserves at
end of period 444,323.2 444,323.2 ____________ ___________
Notes :
1. Includes transactions with the Exchange Fund and resident banks.
2. The total Government debts of $16,998.3 million as at September 30, 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 $14,703.9 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 and the Film Guarantee Fund.
Ends/Friday, October 31, 2008
Issued at HKT 16:30
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