Financial results for two months ended May 31, 2024
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Expenditure for the period April to May 2024 amounted to HK$120.6 billion and revenue HK$50.9 billion, resulting in a cumulative year-to-date deficit of HK$77.5 billion after taking into account the repayment of HK$7.8 billion principal on Government Bonds.
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$657.1 billion as at May 31, 2024.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
| Month ended May 31, 2024 HK$ million |
Two months ended May 31, 2024 HK$ million |
|
| Revenue | 16,588.9 | 50,862.4 |
| Expenditure | (58,658.4) | (120,593.3) |
| Deficit before repayment of Government Bonds |
(42,069.5) | (69,730.9) |
| Repayment of Government Bonds |
(7,800.5) | (7,800.5) |
| Deficit after repayment of Government Bonds |
(49,870.0) | (77,531.4) |
| Financing | ||
| Domestic | ||
| Banking Sector (Note 2) | 49,067.6 | 75,017.2 |
| Non-Banking Sector | 802.4 | 2,514.2 |
| External | - | - |
| Total | 49,870.0 | 77,531.4 |
Government Debts as at May 31, 2024 (Note 3)
HK$184,707 million
Debts Guaranteed by Government as at May 31, 2024 (Note 4)
HK$143,723 million
TABLE 2. FISCAL RESERVES
| |
Month ended May 31, 2024 HK$ million |
Two months ended May 31, 2024 HK$ million |
| Fiscal Reserves at start of period | 706,924.0 | 734,585.4 |
| Consolidated Deficit after repayment of Government Bonds |
(49,870.0) | (77,531.4) |
| Fiscal Reserves at end of period (Note 5) |
657,054.0 | 657,054.0 |
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, 2024, was HK$283,051 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. These were the Green Bonds (equivalent to HK$184,707 million as at May 31, 2024) issued under the Government Green Bond Programme. They were denominated in US dollars (US$8,950 million with maturity from January 2026 to January 2053), euros (4,580 million euros with maturity from January 2025 to November 2041), Renminbi (RMB31,500 million with maturity from November 2024 to June 2033) and Hong Kong dollars (HK$42,000 million with maturity from May 2025 to October 2026). They do not include the outstanding bonds with nominal value of HK$236,855 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,818 million as at May 31, 2024) 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$124,355 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$68,882 million will mature within the period from June 2024 to May 2025 and the rest within the period from June 2025 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, Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade, Loan Guarantee Scheme for Battery Electric Taxis and Loan Guarantee Scheme for Travel Sector launched in 2023, and a commercial loan of the Hong Kong Science and Technology Parks Corporation.
5. Includes HK$364,974 million, being the balance of the Land Fund held in the name of "Future Fund", for long-term investments up to December 31, 2030. The Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.
Ends/Friday, June 28, 2024
Issued at HKT 16:30
Issued at HKT 16:30
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