Government Reports HK$135.4 Billion Deficit for April-July 2024 Financial Period

Financial results for four months ended July 31, 2024

The Government announced today (August 30) its financial results for the four months ended July 31, 2024.

Expenditure for the period April to July 2024 amounted to HK$242.6 billion and revenue HK$90.1 billion, resulting in a cumulative year-to-date deficit of HK$135.4 billion after taking into account the proceeds of HK$24.9 billion received from issuance of Government Bonds and 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$599.2 billion as at July 31, 2024.

Detailed figures are shown in Tables 1 and 2.

TABLE 1. CONSOLIDATED ACCOUNT (Note 1)

Month ended

July 31, 2024

HK$ million

Four months ended

July 31, 2024

HK$ million

Revenue

26,159.2

90,113.0

Expenditure

(66,425.6)

(242,608.4)

Deficit before issuance

and repayment of

Government Bonds

(40,266.4)

(152,495.4)

Proceeds received from

issuance of

Government Bonds

24,880.4

24,880.4

Repayment of

Government Bonds

-

(7,800.5)

Deficit after issuance

and repayment of

Government Bonds

(15,386.0)

(135,415.5)

Financing

Domestic

Banking Sector (Note 2)

15,432.1

132,800.7

Non-Banking Sector

(46.1)

2,614.8

External

-

-

Total

15,386.0

135,415.5

Government Debts as at July 31, 2024 (Note 3)

HK$209,519 million

Debts Guaranteed by Government as at July 31, 2024 (Note 4)

HK$140,091 million

TABLE 2. FISCAL RESERVES

Month ended

July 31, 2024

HK$ million

Four months ended

July 31, 2024

HK$ million

Fiscal Reserves at start of period

614,555.9

734,585.4

Consolidated Deficit after

issuance and repayment of

Government Bonds

(15,386.0)

(135,415.5)

Fiscal Reserves at end of period

(Note 5)

599,169.9

599,169.9

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 July 31, 2024, was HK$262,199 million.

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

3. These were the Green Bonds (equivalent to HK$209,519 million as at July 31, 2024) issued under the Government Green 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 (RMB41,500 million with maturity from November 2024 to July 2054) 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$216,641 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,813 million as at July 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$124,141 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$9,500 million, HK$26,844 million and HK$1,500 million were repaid upon maturity on August 7, 2024, August 12, 2024 and August 19, 2024 respectively; bonds with nominal value of HK$11,000 million will mature within the period from September 2024 to July 2025 and the rest within the period from August 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, and 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.

5. Includes HK$265,217 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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CHP reminds public on precautions against heat stroke during very hot weather

The Centre for Health Protection (CHP) of the Department of Health (DH) today (September 14) reminded members of the public, particularly those undertaking outdoor activities, to take heed of necessary measures against heat stroke and sunburn in very hot weather.

"The public should carry and drink plenty of water to prevent dehydration while engaging in outdoor activities," a spokesman for the CHP said.

"Those engaged in strenuous outdoor activities should avoid beverages containing caffeine, such as coffee and tea, as well as alcohol, as they speed up water loss through the urinary system," the spokesman explained.

"Infants and children, the elderly, pregnant women, those with chronic illnesses such as heart disease or high blood pressure, outdoor/manual workers, and individuals who are overweight are more vulnerable to heat stroke. They should pay special attention," the spokesman added.

The public should adopt the following precautions:

Wear loose and light-coloured clothing to reduce heat absorption and facilitate sweat evaporation and heat dissipation;

Avoid vigorous exercise and prolonged activities like hiking or trekking as heat, sweating and exhaustion can place additional demands on the physique;

Perform outdoor activities in the morning or the late afternoon, if possible;

For indoor activities, open all windows, use a fan or use air-conditioning to maintain good ventilation;

Do not stay inside a parked vehicle; and

Reschedule work to cooler times of the day if feasible. If working in a hot environment is inevitable, introduce shade in the workplace where practicable. Start work slowly and pick up the pace gradually. Move to a cool area for rest at regular intervals to allow the body to recuperate.

​The public should also note the latest and the forecast Ultraviolet (UV) Index released by the Hong Kong Observatory (HKO). When the UV Index is high (6 or above):

Minimise direct exposure of the skin and the eyes to sunlight;

Wear long-sleeved and loose-fitting clothes;

Wear a wide-brimmed hat or use an umbrella;

Seek a shaded area or put on UV-blocking sunglasses;

Apply a broad-spectrum sunscreen lotion with a minimum sun protection factor (SPF) of 15, preferably higher. Reapply every two hours if you stay out in the sun, and after swimming, sweating or towelling off; and

While using DEET-containing insect repellents for personal protection against mosquito-borne diseases, apply sunscreen first, then insect repellent.

​If symptoms develop, such as dizziness, headache, nausea, shortness of breath or confusion, rest and seek help immediately, and seek medical advice as soon as possible.

​The public may obtain more information from the DH's Health Education Infoline (2833 0111),heat strokepage andUV radiationpage; the HKO's Dial-a-Weather (1878 200),latestweather report and forecast,UV Indexand weather information forhiking and mountaineering; andpress releasesof the Labour Departmenton precautions against heat stroke for outdoor workers and their employers when the Very Hot Weather Warning is in force.

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