DEC 03 '93 15:05 UKDEL
FUND
INTERNATIONAL MONETARY FUND
WASHINGTON. D. C. 20431
EXECUTIVE DIRECTOR
Nigel Whitney Esq Hong Kong Department
Foreign & Commonwealth office London, England
Dear Nigel,
HKC 031/10
нис
1 DEC 1993
December 3, 1993
1997 IMP/IBRD ANNUAL MEETINGS
Zhang came back to me today as agreed. Beijing are happy with the proposed revisions, subject to one further addition: inserting the words "through June 1997* after the words "facilities for the Meetings" in section 7A of the Memorandum of Understanding.
This raises the question whether there needs to be an explicit reference to the HKMA in paragraph 7B, but on reflection it seems to me that the point is adequately dealt with in paragraph B1 of the Memorandum on provision of services and facilities.
Zhang went on to say that this was all subject to final review of the documents by his authorities, once final drafts had been agreed with the two institutions (I did not make the point that we are in the same situation, given that you will want to show the document to Ministers before we finally sign up).
I said (as we agreed) that I would not be able to give a formal reply until the middle of next week, but I was hopeful that all the proposed amendments would be accepted.
Next Steps
Zhang is now going to be away until December 15. We agreed therefore that we would arrange a joint meeting with the Secretaries of the Fund and Bank on December 15 or 16. Depending on your and Hong Kong's comments next week, it may still be possible to pass revised texts to the two Secretaries in the second half of next week, in advance of the meeting. I agreed with Zhang that if we can do that we should do so.
Yours sincerely,
Dand Perck
cc: Mr. J. Lau (Hong Kong)
Mr. J. Cunliffe (HMT)
Mr. M. Power (ODA) Mr. K. Tabbit (FCO)
David Peretz
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