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Financial results for the month ended April 30, 2022
     The Government announced today (May 31) its financial results for April 2022, the first month of the current financial year.
     Expenditure for the first month amounted to HK$80.2 billion and revenue HK$33.3 billion, resulting in a deficit of HK$46.9 billion.
     A Government spokesperson said that the deficit in April was mainly due to the fact that some major types of revenue including salaries and profits taxes are mostly received towards the end of a financial year.
     The fiscal reserves stood at HK$910.3 billion as at April 30, 2022.
     Detailed figures are shown in Tables 1 and 2.
  Month ended
April 30, 2022
HK$ million
Revenue 33,373.4
Expenditure (80,221.2)
Deficit (46,847.8)
          Banking Sector (Note 2) 47,049.0
          Non-Banking Sector (201.2)
      External -
Total 46,847.8
Government Debts as at April 30, 2022 (Note 3)
    HK$55,699 million
Debts Guaranteed by Government as at April 30, 2022 (Note 4)
    HK$119,943.9 million

  Month ended
April 30, 2022
HK$ million
Fiscal Reserves at start of period 957,146.5 
Consolidated Deficit (46,847.8)
Fiscal Reserves at end of period (Note 5) 910,298.7

1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at April 30, 2022, was HK$213,858 million.

2. Includes transactions with the Exchange Fund and resident banks.

3. These were the Green Bonds (equivalent to HK$55,699 million as at April 30, 2022) issued under the Government Green Bond Programme. They were denominated in US dollars (US$4,500 million with maturity from May 2024 to February 2051), euros (1,750 million euros with maturity from November 2026 to November 2041) and Renminbi (RMB5,000 million with maturity from November 2024 to November 2026). They do not include the outstanding bonds with nominal value of HK$175,301 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,847 million as at April 30, 2022) issued under the Government Bond Programme (with proceeds credited to the Bond Fund). Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$47,501 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$9,000 million were repaid upon maturity on May 18, 2022; bonds with nominal value of HK$22,704 million will mature within the period from June 2022 to April 2023 and the rest within the period from May 2023 to March 2036.

4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the SME Financing Guarantee Scheme launched in 2012 and a commercial loan of the Hong Kong Science and Technology Parks Corporation.

5. Includes HK$257,367 million, being the balance of the Land Fund held in the name of "Future Fund", for long-term investments initially up to December 31, 2025. The Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.
Ends/Tuesday, May 31, 2022
Issued at HKT 16:30
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