10'd
Hong Kong Monetary Authority
香港金融管理局
81
30/F, 3 Garden Road, Central, Hong Kong
Our Ref :
(23) in G 10/12/8C(93)V
Tel: (852)878 8128
(by fax: 1-202-623-4965)
Mr. David Peretz
UK Executive Director
International Monetary Fund
Washington, DC 20431
USA
Dear David,
HKC 030 /10
1. DEC 1993
Fax: (852)878 8130
20 November, 1993
Pl
ls Mr Rebbit, EVLD
сказ
e to Mr Cunliffe, not
27/11
Thank you for copying to us Joan Powers' letter of 15 November with a reviseli Memorandum on the Frovision of Services and Facilities.
This revised draft has incorporated most of the amendments we agreed with Erik Friis when he visited HK last month. We have only a few communenis •
(a)
@
(c)
-
Para. B.I, ist line we have suggested to use "will delegate" because our legal adviser's view is that the Memorandum itself is not an instrument of delegation, hence it is not appropriate to use "hereby delegates". Formal delegation will be done separately after HK signs the Memorandum;
+
Faia. BY 7 line while the Finance Committee of IK'S Legislative Council nas accepted in principie in June 1993 the financial implications of HK hosting the Meetings, we still need to make a further submission with detailed estimates to the Finance Committee for the actual voting of funds. This will take place after the Boards of Governors of IMF/World Bank have approved the bid. Hence the funds are "to be made available by the Hong Kong Government";
Para. B.6(c) - the Bank/Fund lawyers have previously said that the addition of the words "and reasonable" will broaden HK's obligations. We do not understand this because "necessary" and "reasonable" are conjunctive and should
DETB 848 ZS8 +
HWXH
92:II £66T-NON-02