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HONG KONG GOVT POSTS US$7.8 BLN DEFICIT FOR 2000/01 FISCAL YEAR.
HONG KONG, May 1 Asia Pulse - The Hong Kong government has posted a deficit of US$7.8 billion in its provisional financial results for the year ended March 31, 2001.
Expenditure for the year ended March 31, 2001 amounted to US$232.8 billion and revenue to US$225 billion, resulting in the deficit.
The fiscal reserves stood at US$430.3 billion at March 31, 2001, a decrease of US$13.9 billion compared with the balance of US$444.2 billion at March 31, 2000. This decrease comprised the deficit of US$7.8 billion for the year ended March 31, 2001, and a provision of US$6.1 billion for the fall in the market value of the fiscal reserves invested with the Exchange Fund during the period from January 1, 2001 to March 31, 2001.
A government spokesperson said that the deficit of US$7.8 billion represented an improvement of US$3.6 billion over the revised deficit of US$11.4 ...
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