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FRIDAY, MAY 4, 1990
HE STRESSED THAT THE EXCHANGE RATE OF THE HONG KONG DOLLAR AGAINST THE U.S. DOLLAR REMAINED STABLE EVEN DURING THE DIFFICULT MONTHS OF MAY AND JUNE LAST YEAR.
TURNING TO THE FUTURE OF HONG KONG, MR NENDICK SAID THE BASIC LAW OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION (SAR) PROMULGATED LAST MONTH STIPULATED THE BASIC POLICIES OF CHINA REGARDING HONG KONG.
"REFLECTING MOST OF THE PROVISIONS OF THE JOINT DECLARATION, THE BASIC LAW PROVIDES FOR THE HIGH DEGREE OF ECONOMIC, FINANCIAL AND MONETARY AUTONOMY TO BE ENJOYED BY THE HONG KONG SAR.
"UNDER IT, THE HONG KONG SAR GOVERNMENT DETERMINE ITS MONETARY AND FINANCIAL POLICIES.
"THE HONG KONG DOLLAR, AS THE LEGAL TENDER CONTINUE TO BE FREELY CONVERTIBLE," HE SAID.
WILL, ON ITS OWN,
IN THE SAR,
WILL
"AGAINST THESE CLEAR ARRANGEMENTS FOR THE FUTURE OF HONG KONG, WE ARE DETERMINED TO MAINTAIN AND ENHANCE THE CRUCIAL ELEMENTS THAT HAVE CHARACTERISED OUR SUCCESS OVER THE YEARS, MR NENDICK SAID, NOTING THAT DEVELOPMENTS FOR THE FUTURE HONG KONG PHYSICAL
ri
INFRASTRUCTURE WOULD BE ONE OF THOSE ELEMENTS.
MR NENDICK URGED THE GOVERNORS OF THE ASIAN DEVELOPMENT BANK TO SEE HONG KONG FOR THEMSELVES AND HE EXTENDED AN INVITATION ΤΟ THE BANK TO HOLD A FUTURE ANNUAL MEETING IN THE TERRITORY.
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FC APPROVES FUNDS TO RESTRUCTURE PAY SCALES
THE FINANCE COMMITTEE TODAY (FRIDAY) APPROVED FUNDS FOR RESTRUCTURING CIVIL SERVICE PAY SCALES AS RECOMMENDED BY THE STANDING COMMISSION ON CIVIL SERVICE SALARIES AND CONDITIONS OF SERVICE IN ITS SECOND REPORT ON 1989 SALARY STRUCTURE REVIEW.
THE COMMITTEE NOTED THAT SUPPLEMENTARY PROVISION OF ABOUT $533 MILLION WOULD BE REQUIRED IN 1990-91 TO IMPLEMENT THE RECOMMENDATIONS ON CHANGES TO THE MASTER PAY SCALE (MPS), THE TRAINING PAY SCALE (TPS), AND ALSO CHANGES TO THE SALARY SCALES OF ABOUT HALF OF THE 126 INDIVIDUAL GRADES ALREADY REVIEWED BY THE STANDING COMMISSION.
THE CHANGES TO MPS, TPS AND INDIVIDUAL GRADE PAY SCALES WERE ESTIMATED TO COST ABOUT $567 MILLION FOR A FULL YEAR.
THE COMMITTEE NOTED THAT NO PROVISION HAD BEEN MADE IN THE 1990-91 DRAFT ESTIMATES FOR THESE CHANGES. HOWEVER, PROVISION HAD BEEN MADE FOR PAYING TEMPORARY ALLOWANCE TO FIVE GRADES ANALYST/PROGRAMMER, SOCIAL WORK OFFICER, EXECUTIVE OFFICER, MEDICAL AND HEALTH OFFICER AND NURSE.
/THE PROVISION