The Government announced today (March 31) its financial results for the 11 months ended February 28, 2023.
 
     There was a surplus of HK$16.4 billion in the month of February. Expenditure for the 11-month period amounted to HK$702.5 billion and revenue HK$575.9 billion, with the cumulative year-to-date deficit at HK$60.6 billion after taking into account the proceeds of HK$66 billion received from issuance of green bonds under the Government Green Bond Programme (Green Bond).
 
     The fiscal reserves stood at HK$896.5 billion as at February 28, 2023.
 
     Detailed figures are shown in Tables 1 and 2.
 
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
 

	Month ended February 28, 2023 HK$ million	11 months ended February 28, 2023 HK$ million
Revenue	74,651.9	575,931.4
Expenditure	(59,046.0)	(702,537.2)
Surplus/(Deficit) before issuance of Green Bond	15,605.9	(126,605.8)
Proceeds received from issuance of Green Bond	800.0	65,992.2
Surplus/(Deficit) after issuance of Green Bond	16,405.9	(60,613.6)
Financing
Domestic
Banking Sector (Note 2)	(15,961.4)	61,901.9
Non-Banking Sector	(444.5)	(1,288.3)
External	-	-
Total	(16,405.9)	60,613.6

 
Government Debts as at February 28, 2023 (Note 3)
    HK$121,510 million
Debts Guaranteed by Government as at February 28, 2023 (Note 4)
    HK$141,697 million

TABLE 2. FISCAL RESERVES
 

	Month ended February 28, 2023 HK$ million	11 months ended February 28, 2023 HK$ million
Fiscal Reserves at start of period	880,108.9	957,128.4
Consolidated Surplus/(Deficit) after issuance of Green Bond	16,405.9	(60,613.6)
Fiscal Reserves at end of period (Note 5)	896,514.8	896,514.8

 
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 February 28, 2023, was HK$248,921 million.

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

3. These were the Green Bonds (equivalent to HK$121,510 million as at February 28, 2023) issued under the Government Green Bond Programme. They were denominated in US dollars (US$7,500 million with maturity from May 2024 to January 2053), euros (3,000 million euros with maturity from January 2025 to November 2041), Renminbi (RMB15,000 million with maturity from November 2024 to January 2028) and Hong Kong dollars (HK$20,800 million with maturity from February 2024 to May 2025). They do not include the outstanding bonds with nominal value of HK$202,281 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,845 million as at February 28, 2023) 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$87,781 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$39,281 million will mature within the period from March 2023 to February 2024 and the rest within the period from March 2024 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$305,743 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/Friday, March 31, 2023
Issued at HKT 16:30

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