HONG KONG – The Hong Kong Special Administrative Region government said on Monday that it recorded a HK$10.6 billion (US$1.36 billion) deficit ending April 30, 2021.
Announcing its financial results for April 2021, the first month of the current financial year, the HKSAR government said expenditure was HK$48.6 billion and revenue HK$38 billion, resulting in a deficit of HK$10.6 billion.
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A spokesperson for the HKSAR government said the deficit in April 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$917.2 billion as of April 30, 2021.