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we have made clear from the outset that there could be
no HMG contribution to the cost of the annual meetings. That would rule out taking on a contingent liability of this kind.
7. We have made these difficulties clear to the institutions
which have shown a willingness to find a formula acceptable to all
sides. The institutions are now taking legal advice.
8.
formula.
The second potential problem is that the Chinese authorities appear to be having second thoughts about Hong Kong sending one of the three letters of invitation. Again, there seena to be some
evidence that there is a willingness to find an acceptable
Conclusion
9.
The proposal to hold the Annual Meetings in Hong Kong is now well advanced and, as UK Governor of the Fund and (by September) of the World Bank, you will probably need to write the UK letter of invitation to the institutions in September or October. Since the process of agreement cannot now be completed before the Annual Meetings it is probably best to aim to start the process, with the letters of invitation, immediately after the meetings. Two potential problems have emerged but the indications are that these
will be resolved before then.
1
J CUNLIFFE