Financial Results for First Month of 2009-2010 Financial Year

For more information, please contact:
Melissa Ng /David Hsieh at 212-752-3320
Daniel McAtee at 202-238-6360
Wing Yan Tong at 415-835-9315

May 29, 2009 - The Hong Kong Special Administrative Region Government announced today (May 29) its financial results for April 2009, the first month of the current financial year.

Expenditure for the first month amounted to HK$21.5 billion (US$2.75 billion) and revenue HK$18.3 billion (US$2.34 billion), resulting in a deficit of HK$3.2 billion (US$410.25 million).

A government spokesman said that the deficit for the period was mainly because some major types of revenue including salaries and profits taxes were mostly received towards the end of a financial year.

The fiscal reserves stood at HK$491.2 billion (US$62.97 billion) as at April 30, 2009.