The Government announced today (January 28) its financial results for the nine months ended December 31, 2024.
Expenditure and revenue from April to December 2024 amounted to HK$524.2 billion and HK$349.7 billion respectively, resulting in a deficit of HK$70.5 billion after taking into account HK$114.6 billion received from issuance of Government Bonds and repayment of HK$10.6 billion principal on Government Bonds.
　
A Government spokesperson said that the 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 revised estimates for the current financial year will be published along with the 2025-26 Budget.
　
The fiscal reserves stood at HK$664.1 billion as at December 31, 2024.
　
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
| Month ended December 31, 2024 HK$ million |
Nine months ended December 31, 2024 HK$ million |
|
| Revenue | 101,403.9 | 349,677.1 |
| Expenditure | (52,635.2) | (524,217.4) |
| Surplus / (Deficit) before issuance and repayment of Government Bonds | 48,768.7 | (174,540.3) |
| Proceeds received from issuance of Government Bonds | 23,934.7 | 114,588.2 |
| Repayment of Government Bonds* | (38.0) | (10,555.5) |
| Surplus / (Deficit) after issuance and repayment of Government Bonds | 72,665.4 | (70,507.6) |
| Financing | ||
| Domestic | ||
| Banking Sector (Note 2) | (72,152.2) | 67,227.5 |
| Non-Banking Sector | (513.2) | 3,280.1 |
| External | – | – |
| Total | (72,665.4) | 70,507.6 |
| * Being repayment of principal on Government Bonds and does not include the associated interest and other expenses. | ||
Government Debts as at December 31, 2024 (Note 3)
HK$293,210 million
Debts Guaranteed by Government as at December 31, 2024 (Note 4)
HK$132,387 million
TABLE 2. FISCAL RESERVES
| Month ended December 31, 2024 HK$ million |
Nine months ended December 31, 2024 HK$ million |
|
| Fiscal Reserves at start of period | 591,412.4 | 734,585.4 |
| Consolidated Surplus / (Deficit) after issuance and repayment of Government Bonds |
72,665.4 | (70,507.6) |
| Fiscal Reserves at end of period (Note 5) |
664,077.8 | 664,077.8 |
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 December 31, 2024, was HK$229,943 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. The Government Debts, with proceeds credited to the Capital Works Reserve Fund, comprise:
(i) the Green Bonds (equivalent to HK$203,686 million as at December 31, 2024) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$9,950 million with maturity from January 2026 to January 2053), euros (5,330 million euros with maturity from January 2025 to November 2041), Renminbi (RMB39,000 million with maturity from January 2025 to July 2054) and Hong Kong dollars (HK$42,000 million with maturity from May 2025 to October 2026);
(ii) the Infrastructure Bonds (equivalent to HK$34,597 million as at December 31, 2024) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB6,000 million with maturity from December 2025 to November 2034) and Hong Kong dollars (HK$28,230 million with maturity from November 2025 to December 2039); and
(iii) the Silver Bonds with nominal value of HK$54,927 million (with maturity in October 2027 and may be redeemed before maturity upon request from bond holders) issued under the Infrastructure Bond Programme.
They do not include the outstanding bonds with nominal value of HK$178,169 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,764 million as at December 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$96,669 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$53,357 million will mature within the period from January 2025 to December 2025 and the rest within the period from January 2026 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 the Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade, the Loan Guarantee Scheme for Battery Electric Taxis and the Loan Guarantee Scheme for Travel Sector launched in 2023.
5. Includes HK$249,751 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.
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