From:
HKC 031/10
Extn:
Date:
1 DEC 1993
di Mr Seddon, ERD.
3/11
CC:
HUD.
M A Power
0155 Room V710 2 November 1993
PS/Mr Lankester Mr AinscOW Mr Hudson
Mr Manning (0/r) Mr Muir
E
Mr Chakrabarti Ms Cund
Mr Whitney, HKD
PS/Lady Chalker
IMF/WORLD BANK 1997 ANNUAL MEETINGS : HONG KONG
Problem
Hong Kong is bidding to host the 1997 IMF/World Bank Annual
Meetings. It will need to incur expenses (primarily staff costs
for the planning team and advance hire of conference facilities) before the July 1997 handover to China. As the metropolitan power, HMG will probably need to guarantee that Hong Kong will
provide the services, and thus accept something akin to a contingent liability of around £3.5mn. Should ODA share this liability jointly (ie up to £1.75mn) with the Treasury?
Recommendation
2.
Provided other elements of the package can be resolved
satisfactorily, Hong Kong remains very keen to host the meeting, an objective which has full FCO Ministerial backing. If it
becomes necessary for HMG to accept a contingent liability, we
should agree to share this jointly with Treasury. Aid Policy and
Finance Departments concur; and Mr Ainscow has endorsed the
approach.
/ Background..
73