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|Thursday, May 31, 2001, updated at 20:40(GMT+8)|
HK Records Financial Deficit of 2.8 Billion HKDThe government of the Hong Kong Special Administrative Region (SAR) announced here Thursday that it recorded a deficit of 2.8 billion HK dollars (359 million US dollars) for the first month of this fiscal year.
Expenditure for the first month of ended April 30, 2001, amounted to 18.8 billion HK dollars (2.41 billion US dollars) and revenue to 16 billion HK dollars (2.05 billion US dollars).
A government spokesman said that a deficit in the initial months of a financial year was not unusual as many major types of revenue including taxes were mostly received towards the end of a financial year.
The fiscal reserves stood at 427.5 billion HK dollars (54.8 billion US dollars) at April 30, 2001.
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