The government is expected to focus on the listing of the Airport Authority - and possibly the postal service and water department - to help plug a budget hole of more than $300 billion in civil service pensions. 'Most people think there will be a surplus this year, but the government needs to be cautious,' said Raymond So Wai-man, an associate finance professor at the Chinese University. 'The pension liability will erode all the government's reserves.' The government's fiscal reserves stood at $297.76 billion at the end of January, down from $440 billion in March 2000. The Airport Authority listing is expected to bring in at least $30 billion to the government, which received $6 billion this financial year as partial repayment of its $37 billion investment. Student loans worth $5 billion were also slated to be sold off, but the plan is still at the feasibility stage. 'There is no fixed timetable at this stage,' a spokesman for the Financial Services and the Treasury Bureau said.