TNAG-0621-FCO40-769-Budget-of-Hong-Kong-1977 — Page 151

G. F. 323

1 Jan

CONFIDENTIAL # #

Calendar of Events, 1976

機密

(i)

The US introduced its Generalised System of Preferences.

7 Jan

9-16 Feb

In the 5th meeting held in Kingston, the IMF Interim Committee agreed:

(i)

(ii)

to reduce the role of gold in the monetary system by making the SDR the principal reserve asset and to sell by public auctions of 25 million ounces of the Fund's gold over a period of 4 years;

to set forth a new system of exchange arrangements, under which floating would be legalized; and

(iii) to raise each credit tranche by 45% for all members.

Hong Kong hosted the Regional Seminar on Multilateral Trade Negotiations, sponsored jointly by ESCAP and Commonwealth Secretariat and attended by more than 30 delegates from the ESCAP and Commonwealth countries.

25 Feb

4 Mar

8 Mar

Hong Kong Goverment Budget 1976-77: total expenditure HK$7,212 million, total revenue HK 6,857 million (after taking account of revenue proposals yielding H136 million), and a deficit of HK$355 million. Revenue proposals include increases in corporation profit tax, estate duty, general rates, stamp duty on conveyances, business registration fee and duties on hydrocarbon oils.

A forecast of 9,, real growth in G.D.P. for 1976 was given.

The MT C announced that it will issue bonds in local and overseas markets to raise HX1,000 million to pay interest on the H5,000 million short-term loans for the construction of the Metro.

The Asian Development Bank granted a loan of US„20 million to the Hong Kong Government for financing the sewage treat- ment works at Sha Tin.

15 Mar

23 Mar

a

France withdrew from the European joint float, allowing the franc to float independently.

A Hong Kong/Norway agreement was signed restraining Họng Kong's exports of certain cotton, man-made fibre and wool garments to Norway for the period 1 June 1975 to 31 December 1976.

CONFIDENTIAL

機密