Government's financial results for month ended April 30, 2026
The Government announced today (May 29) its financial results for April 2026, the first month of the current financial year.
Expenditure and revenue for the first month amounted to HK$62.6billion and HK$41.5 billion respectively, resulting in a deficit of HK$16.9billion after taking into account HK$6 billion received from issuance of Government Bonds and repayment of HK$1.8 billion principal on Government Bonds. The fiscal reserves stood at HK$648.6 billion as at April 30, 2026.
A Government spokesperson said that the deficit in April was mainly due to the fact that some major types of revenue including salaries and profits taxes are mostly received towards the end of a financial year.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended April 30, 2026 (HK$ million)
Revenue
41,467.6
Expenditure
(62,600.0)
Deficit before issuance and repayment of Government Bonds
(21,132.4)
Proceeds received from issuance of Government Bonds
6,047.4
Repayment of Government Bonds*
(1,853.4)
Deficit after issuance and repayment of Government Bonds
(16,938.4)
Financing
Domestic
Banking Sector (Note 2)
14,927.9
Non-Banking Sector
2,010.5
External
-
Total
16,938.4
* Being repayment of principal on Government Bonds and does not include the associated interest and other expenses.
Government Debts as at April 30, 2026 (Note 3)
HK$415,810 million
Debts Guaranteed by Government as at April 30, 2026 (Note 4)
HK$109,493 million
TABLE 2. FISCAL RESERVES
Month ended April 30, 2026 (HK$ million)
Fiscal Reserves at start of period
665,540.6
Consolidated Deficit after issuance and repayment of Government Bonds
(16,938.4)
Fiscal Reserves at end of period (Note 5)
648,602.2
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 April 30, 2026, was HK$153,298 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$188,250 million as at April 30, 2026) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$9,550 million with maturity from June 2026 to January 2053), euros (5,800 million euros with maturity from November 2026 to November 2041), Renminbi (RMB33,000 million with maturity from July 2026 to July 2054) and Hong Kong dollars (HK$22,500 million with maturity from October 2026 to November 2027);
(ii) the Infrastructure Bonds (equivalent to HK$118,744 million as at April 30, 2026) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB39,750 million with maturity from July 2026 to June 2055) and Hong Kong dollars (HK$73,230 million with maturity from May 2026 to June 2055); and
(iii) the Silver Bonds with nominal value of HK$108,816 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$100,468 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,837 million as at April 30, 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$53,368 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$53,368 million will mature within the period from May 2026 to April 2027, and the rest within the period from May 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$249,839 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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