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Financial results for the two months ended May 31, 2022
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     The Government announced today (June 30) its financial results for the two months ended May 31, 2022.
 
     Expenditure for the period April to May 2022 amounted to HK$134.7 billion and revenue HK$49.5 billion, resulting in a cumulative year-to-date deficit of HK$65.2 billion after taking into account the proceeds of HK$20 billion received from issuance of green bonds under the Government Green Bond Programme (Green Bond).
 
     A Government spokesperson said that the cumulative year-to-date deficit for the period 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$892 billion as at May 31, 2022.
 
     Detailed figures are shown in Tables 1 and 2.
 
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
 
  Month ended
May 31, 2022
HK$ million
Two months ended
May 31, 2022
HK$ million
Revenue 16,097.4 49,470.8
Expenditure (54,428.7) (134,649.9)
     
Deficit before
issuance of Green Bond
(38,331.3) (85,179.1)
     
Proceeds received from
issuance of Green Bond
20,000.0 20,000.0
     
Deficit after
issuance of Green Bond
(18,331.3) (65,179.1)
     
Financing    
      Domestic    
           Banking Sector (Note 2) 13,135.1 60,184.1
           Non-Banking Sector 5,196.2 4,995.0
      External - -
                           
Total 18,331.3 65,179.1
 
Government Debts as at May 31, 2022 (Note 3)
    HK$75,954 million
Debts Guaranteed by Government as at May 31, 2022 (Note 4)
    HK$121,299.6 million
 
TABLE 2. FISCAL RESERVES
 
 
 
Month ended
May 31, 2022
HK$ million
Two months ended
May 31, 2022
HK$ million
Fiscal Reserves at start of period 910,298.7 957,146.5
 
Consolidated Deficit after
issuance of Green Bond 
(18,331.3) (65,179.1)
 
     
Fiscal Reserves at end of period
(Note 5)
891,967.4 891,967.4

Notes:

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 May 31, 2022, was HK$206,612 million.

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

3. These were the Green Bonds (equivalent to HK$75,954 million as at May 31, 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), Renminbi (RMB5,000 million with maturity from November 2024 to November 2026) and HK dollars (HK$20,000 million with maturity in May 2025). They do not include the outstanding bonds with nominal value of HK$168,254 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,850 million as at May 31, 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$47,454 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$24,202 million will mature within the period from June 2022 to May 2023 and the rest within the period from June 2023 to May 2042.

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/Thursday, June 30, 2022
Issued at HKT 16:30
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