SECRET
-
BY BAG
SECRET
The Hon. Sir Piers Jacobs, KBE, JP
Financial Secretary
Government Secretariat
Hong Kong
14 December 1990
The Financial Aspects of the New Airport and Related Projects
Consider the statement made to the Legislative Council's Ad Hoc Group on PADS in conjunction with the details of the run down of Hong Kong's fiscal reserves as presented to the Chinese in October.
Statement to Legco
"We will, however, draw on some of our fiscal reserves in the few years of projected budgetary deficits when capital expenditure on these projects is at a peak" (my underlining).
Source:
Paragraph 15 of a draft briefing paper marked Annex A to XCC (90)174
AND
"Hong Kong Dollars Billion at Money of the day Prices
Government
Reserves
89/90
73
94/95
22
90/91
73
95/96
9
91/92
71
96/97
5"
92/93
61
93/94
41
Source:
Paragraph 7 of your Telno 3073 of
22 October to FCO
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