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The Government announced today (November 28) its financial results for the seven months ended October 31, 2008.
There was a surplus of $11.3 billion in October, thereby reducing the deficit for the seven months ended October 31, 2008, to $37.3 billion. Expenditure for the period amounted to $151.4 billion and revenue $114.1 billion.
A government spokesman said that the improved financial results in October were mainly due to the collection of profits tax. Having regard to the current financial position and economic outlook, 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 $455.6 billion as at October 31, 2008.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Seven months ended
October 31, 2008 October 31, 2008
---------------- ------------------
HK$ million HK$ million
Revenue 34,225.9 114,133.3
Expenditure (22,939.2) (151,437.9)
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Surplus/(Deficit) 11,286.7 (37,304.6)
-------- ----------
Financing
Domestic
Banking Sector(Note 1) (11,467.5) 36,290.3
Non-Banking Sector 180.8 1,014.3
External - -
---------- --------
Total (11,286.7) 37,304.6
---------- --------
Government Debts as at October 31, 2008 (Note 2)
HK$16,983.5 million
Debts Guaranteed by Government as at October 31, 2008 (Note 3)
HK$3,864.0 million
TABLE 2. FISCAL RESERVES
Month ended Seven months ended
October 31, 2008 October 31, 2008
------------------ ------------------
HK$ million HK$ million
Fiscal Reserves at 444,323.2 492,914.5
start of period
Less : Consolidated 11,286.7 (37,304.6)
Surplus/(Deficit) --------- ----------
Fiscal Reserves at 455,609.9 455,609.9
end of period --------- ----------
Notes :
1. Includes transactions with the Exchange Fund and resident banks.
2. The total Government debts of $16,983.5 million as at October 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 $14,689.1 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 and the Film Guarantee Fund.
Ends/Friday, November 28, 2008
Issued at HKT 16:33
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