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The Government announced today (February 27) its financial results for the ten months ended January 31, 2009.
There was a surplus of $18.9 billion in January, thereby bringing a surplus of $49.8 billion up to end of January, 2009. Expenditure for the period April 2008 to January 2009 amounted to $236.4 billion and revenue $286.2 billion.
A government spokesman said that the surplus in January was mainly due to the receipts of salaries tax and profits tax.
Taking into account major one-off expenditure to be incurred in March, including injection to Mandatory Provident Funds accounts, the Research Endowment Fund, etc. and other government expenditure towards the year-end, the Revised Estimate for the financial year ending March 31, 2009, as announced in the Budget Speech on February 25, is a deficit of $4.9 billion.
The fiscal reserves stood at $542.7 billion as at January 31, 2009. In the Revised Estimate announced in the Budget Speech, the fiscal reserves are estimated to be $488 billion as at March 31, 2009.
More detailed figures are shown in Tables 1 and 2.
Table 1. Consolidated Account
Month ended Ten months ended
January 31, 2009 January 31, 2009
---------------- ----------------
HK$ million HK$ million
Revenue 49,816.8 286,181.4
Expenditure (30,917.0) (236,359.1)
---------------- ----------------
Surplus 18,899.8 49,822.3
---------------- ----------------
Financing
Domestic
Banking Sector (17,971.3) (49,698.9)
(Note 1)
Non-Banking Sector (928.5) (123.4)
External - -
---------------- ---------------
Total (18,899.8) (49,822.3)
---------------- ---------------
Government Debts as at January 31, 2009 (Note 2)
HK$16,806.9 million
Debts Guaranteed by Government as at January 31, 2009 (Note 3)
HK$4,724.1 million
Table 2. Fiscal Reserves
Month ended Ten months ended
January 31, 2009 January 31, 2009
---------------- ----------------
HK$ million HK$ million
Fiscal Reserves 523,837.0 492,914.5
at start of period
Consolidated 18,899.8 49,822.3
Surplus --------- ---------
Fiscal Reserves 542,736.8 542,736.8
at end of period --------- ---------
Notes :
1. Includes transactions with the Exchange Fund and resident banks.
2. The total Government debts of $16,806.9 million as at January 31, 2009 comprise :
(i) Toll Revenue Bond of $2,112.6 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 $14,694.3 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 launched in 1998, the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the Film Guarantee Fund and commercial loan of the Ocean Park Corporation.
Ends/Friday, February 27, 2009
Issued at HKT 16:30
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