Financial Services and the Treasury Bureau of the Hong Kong Special Administrative Region
Financial Services and the Treasury Bureau of the Hong Kong Special Administrative Region
09/29/2023 | Press release | Distributed by Public on 09/29/2023 02:47
Financial results for the five months ended August 31, 2023
The Government announced today (September 29) its financial results for the five months ended August 31, 2023.
Expenditure for the period April to August 2023 amounted to HK$300.7 billion and revenue HK$117.9 billion, resulting in a cumulative year-to-date deficit of HK$136.2 billion after taking into account the proceeds of HK$46.6 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$698.6 billion as at August 31, 2023.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Government Debts as at August 31, 2023 (Note 3)
HK$168,149 million
Debts Guaranteed by Government as at August 31, 2023 (Note 4)
HK$147,627 million
TABLE 2. FISCAL RESERVES
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 August 31, 2023, was HK$310,748 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. These were the Green Bonds (equivalent to HK$168,149 million as at August 31, 2023) issued under the Government Green Bond Programme. They were denominated in US dollars (US$9,750 million with maturity from May 2024 to January 2053), euros (4,500 million euros with maturity from January 2025 to November 2041), Renminbi (RMB30,000 million with maturity from November 2024 to June 2033) 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$268,107 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,846 million as at August 31, 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$140,107 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$103,862 million will mature within the period from September 2023 to August 2024 and the rest within the period from September 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$307,545 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.
Expenditure for the period April to August 2023 amounted to HK$300.7 billion and revenue HK$117.9 billion, resulting in a cumulative year-to-date deficit of HK$136.2 billion after taking into account the proceeds of HK$46.6 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$698.6 billion as at August 31, 2023.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
|
Month ended August 31, 2023 HK$ million |
Five months ended August 31, 2023 HK$ million |
|
| Revenue | 18,151.4 | 117,864.2 |
| Expenditure | (57,222.6) | (300,665.6) |
|
Deficit before issuance of Green Bond |
(39,071.2) | (182,801.4) |
|
Proceeds received from issuance of Green Bond |
- | 46,632.0 |
|
Deficit after issuance of Green Bond |
(39,071.2) | (136,169.4) |
| Financing | ||
| Domestic | ||
| Banking Sector (Note 2) | 39,528.0 | 129,500.3 |
| Non-Banking Sector | (456.8) | 6,669.1 |
| External | - | - |
| Total | 39,071.2 | 136,169.4 |
Government Debts as at August 31, 2023 (Note 3)
HK$168,149 million
Debts Guaranteed by Government as at August 31, 2023 (Note 4)
HK$147,627 million
TABLE 2. FISCAL RESERVES
|
|
Month ended August 31, 2023 HK$ million |
Five months ended August 31, 2023 HK$ million |
| Fiscal Reserves at start of period | 737,691.6 | 834,789.8 |
|
Consolidated Deficit after issuance of Green Bond |
(39,071.2) | (136,169.4) |
|
Fiscal Reserves at end of period (Note 5) |
698,620.4 | 698,620.4 |
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 August 31, 2023, was HK$310,748 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. These were the Green Bonds (equivalent to HK$168,149 million as at August 31, 2023) issued under the Government Green Bond Programme. They were denominated in US dollars (US$9,750 million with maturity from May 2024 to January 2053), euros (4,500 million euros with maturity from January 2025 to November 2041), Renminbi (RMB30,000 million with maturity from November 2024 to June 2033) 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$268,107 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,846 million as at August 31, 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$140,107 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$103,862 million will mature within the period from September 2023 to August 2024 and the rest within the period from September 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$307,545 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, September 29, 2023
Issued at HKT 16:30
Issued at HKT 16:30
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