45.
Costs of World Bank Group and IMF meetings
Following is a question by the Hon Emily Lau Wai-hing and a written reply by the Secretary for Financial Services, Mr Rafael Hui, in the Legislative Council today (Wednesday):
Question:
At its meeting held on 7 July 1995, the Finance Committee approved a non- current commitment of $485 million at money-of-the-day prices to meet the costs of holding the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund in the territory in September 1997. In this connection, will the Administration inform this Council:
Reply:
(a)
(b)
(a)
(b)
whether the estimated total expenses of hosting the above event will be kept within the approved budget; and
of the total amount of financial sponsorship which the Chief Executive of the Monetary Authority has secured to-date and whether there is further sponsorship forthcoming?
The estimated total expenses of hosting the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund are within the approved budget of $485 million.
The Hong Kong Monetary Authority set up a sponsorship advisory committee in late 1995 to help seek sponsorship. Despite the restriction stipulated by the World Bank and International Monetary Fund of not commercialising the Annual Meetings, the Hong Kong Monetary Authority has secured a cash sponsorship of about $45 million and sponsorship in kind, including saloon cars, telecommunication services and equipment, office furniture and equipment etc. The cost savings from sponsorship in kind and loan of furniture and equipment from Government departments are estimated at $25 million. More sponsorship in kind is being negotiated.
End