Government's financial results for 10 months ended January 31, 2026
The Government announced today (February 27) its financial results for the 10 months ended January 31, 2026.
Expenditure and revenue from April 2025 to January 2026 amounted to HK$627.3billion and HK$614.9 billion respectively, resulting in a surplus of HK$87.9billion after taking into account HK$142.3 billion received from issuance of Government Bonds and repayment of HK$42 billion principal on Government Bonds. The fiscal reserves stood at HK$742.2 billion as at January 31, 2026.
Taking into account the forecast revenue and expenditure for the remaining two months, the surplus for the 2025-26 financial year is expected to be HK$2.9 billion and the fiscal reserves are estimated to be HK$657.2 billion as at the end of March 2026.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
January 31, 2026
HK$ million
January 31, 2026
HK$ million
Government Debts as at January 31, 2026 (Note 3)
HK$414,754 million
Debts Guaranteed by Government as at January 31, 2026 (Note 4)
HK$112,964 million
TABLE 2. FISCAL RESERVES
January 31, 2026
HK$ million
HK$ million
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 January 31, 2026, was HK$155,142 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$201,694 million as at January 31, 2026) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$10,750 million with maturity from February 2026 to January 2053), euros (5,880 million euros with maturity from February 2026 to November 2041), Renminbi (RMB34,500 million with maturity from February 2026 to July 2054) and Hong Kong dollars (HK$24,500 million with maturity from February 2026 to November 2027);
(ii) the Infrastructure Bonds (equivalent to HK$103,921 million as at January 31, 2026) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB36,250 million with maturity from March 2026 to June 2055) and Hong Kong dollars (HK$63,230 million with maturity from February 2026 to June 2055); and
(iii) the Silver Bonds with nominal value of HK$109,139 million (with maturity in October 2027 and October 2028 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$100,669 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,811 million as at January 31, 2026) 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$53,569 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$53,569 million will mature within the period from February 2026 to January 2027, and the rest within the period from February 2027 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, 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, and the commercial loan under Guaranteed Medium Term Note Programme of the Hong Kong Cyberport Management Company Limited.
5. Includes HK$250,030 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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