XN000022-1990-03-07 — Page 27

14

WEDNESDAY, MARCH 7, 1990

HE ALSO POINTED OUT THAT WITH A PROGRAMME OF THE SIZE COMPLEXITY OF THE PORT AND AIRPORT DEVELOPMENT WE MUST SOME OF THE COSTS MIGHT BE HIGHER THAN ORIGINALLY ESTIMATED.

ACCEPT

AND

THAT

ON

"WE ARE ASSUMING THAT A LARGE PROPORTION OF THE EXPENDITURE THE AIRPORT AND RELATED PROJECTS WILL BE FINANCED BY THE SECTOR. BUT THE AVAILABILITY OF PRIVATE SECTOR FINANCE AND THE

PRIVATE

OF ANY LOANS

TERMS WILL BE INFLUENCED BY THE FINANCIAL GOVERNMENT.

STRENGTH ОР THE

"HEALTHY RESERVES AND FINANCIAL PRUDENCE WILL HAVE AN

ON THE DECISIONS OF INSTITUTIONAL LENDERS AND INVESTORS.

MAINTAIN OUR RECORD OF SOUND BUDGET MANAGEMENT,

IMPORTANT

SO

SIR PIERS

BEARING WE MUST STRESSED.

INVESTMENT FOR THE FUTURE

DEVELOP

AND KONG THE

IT IS ESSENTIAL THAT THE GOVERNMENT CONTINUES TO IMPROVE SERVICES AND THE INFRASTRUCTURE NECESSARY TO ENABLE HONG TO CONTINUE ITS DRAMATIC SUCCESS STORY, THE FINANCIAL SECRETARY, HON SIR PIERS JACOBS, SAID TODAY.

EXPENDITURE.

PUBLIC IN

PRESENTING HIS BUDGET, SIR PIERS SAID THE ESTIMATES FOR

WHICH SHOWED A CONSIDERABLE INCREASE, SHOULD BE SEEN THE CONTEXT OF INVESTMENT FOR THE FUTURE.

"BUT THE DILEMMA IS THAT THE LEVEL OF PUBLIC EXPENDITURE IMPLICIT IN OUR PROGRAMMES WILL, IN THE SHORT TERM, TAKE US BEYOND OUR GUIDELINES.

WELL

TERM

ON

"NEVERTHELESS, WHAT I AM SEEKING OVER THE MEDIUM TO LONGER IS A REAL AND SUSTAINABLE IMPROVEMENT IN SERVICES AND INFRASTRUCTURE, AND THIS DEPENDS UPON THE IMPOSITION OF DISCIPLINE AND INSISTENCE VALUE IN ITS WIDEST SENSE," HE SAID.

THE DRAFT ESTIMATES SHOWED EXPENDITURE ON GENERAL ACCOUNT OF $65.3 BILLION, AN INCREASE OF 25 PER CENT OVER THE ESTIMATE FOR 1989-90.

REVENUE REVISED

"EXPENDITURE FROM THE FUNDS IS ESTIMATED AT $25.7 BILLION AN INCREASE OF 23 PER CENT OVER 1989-90.

$91

"TOTAL CONSOLIDATED ACCOUNT EXPENDITURE, ESTIMATED AT BILLION, WILL THUS BE 24 PER CENT HIGHER THAN TOTAL EXPENDITURE IN THE CURRENT FINANCIAL YEAR," HE SAID.

SIR PIERS SAID THE ESTIMATE OF $65.3 BILLION FOR GENERAL REVENUE ACCOUNT INCLUDED $8.3 BILLION FOR ADDITIONAL COMMITMENTS то ITEMS OF EXPENDITURE WHICH COULD NOT BE FORESEEN OR FOR WHICH WERE NO FIRM ESTIMATES.

COVER

THERE

/"IN MAKING