TNAG-2815-FCO40-4061-Future-of-Hong-Kong-International-Rights-and-Obligations-(IR-1993 — Page 34

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MDHIAN 5274

(B)

RESPONSIBILITY FOR THE PROVISION OF SERVICES AND FACILITIES FOR THE MEETINGS, AS WILL BE SET FORTH IN THE MEMORANDUM ON THE PROVISION OF SERVICES AND FACILITIES FOR THE 1997 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS OF THE WORLD BANK GROUP AND THE INTERNATIONAL MONETARY FUND IN HONG KONG.

THE ORGANISATIONS ALSO NOTE THAT THE GOVERNMENT OF THE PEOPLE'S REPUBLIC OF CHINA, HAVING REVIEWED AND ENDORSED THE AFOREMENTIONED MEMORANDUM, AGREE THAT IT SHALL CONTINUE TO BE VALID AND EFFECTIVE AFTER JUNE 30, 1997, AND THAT ON JULY 1, 1997, THE GOVERNMENT OF THE PEOPLE'S REPUBLIC OF CHINA WILL DELEGATE TO THE GOVERNMENT OF HONG KONG SPECIAL ADMINISTRATIVE REGION THE AUTHORITY FOR IMPLEMENTING THE MEMORANDUM. UNQUOTE.

I TRIED TO PERSUADE ZHANG TO ACCEPT THE FORMULATION QUOTE CHINA WILL AGREE THAT THE GOVERNMENT OF HONG KONG SAR SHALL BE AUTHORISED FOR THE IMPLEMENTATION MEMORANDUM BUT HE STRESSED THAT THE WORD QUOTE DELEGATE UNQUOTE WAS PARTICULARLY IMPORTANT TO HIS AUTHORITIES.

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ZHANG ALSO PROPOSED THE FOLLOWING AMENDMENT TO THE LAST SENTENCE OF PARA. B1 OF THE MEMORANDUM ON PROVISION OF

SERVICES AND FACILITIES:

QUOTE. THE HKMA WILL, THROUGH JUNE 30, 1997, EXERCISE SOLE RESPONSIBILITY AND DECISION-MAKING POWER ON BEHALF OF THE HONG KONG GOVERNMENT FOR THE PROVISION OF SERVICES, FACILITIES AND FUNDS FOR THE PURPOSES OF THE MEETINGS, AND STARTING JULY 1, 1997, THE HKMA (OR ANY DLRS UCCESSOR THERETO) WILL, ON BEHALF OF THE GOVERNMENT OF HKSAR, FULFILL THE SAME RESPONSIBILITY AND BE DELEGATED THE SAME DECISION- MAKING POWER, IN ACCORDANCE WITH THESE ARRANGEMENTS. UNQUOTE.

I QUESTIONED THE PHRASE QUOTE OR ANY SUCCESSOR THERETO UNQUOTE WHICH ZHANG JUSTIFIED AS A MERE LEGAL PRECAUTION. I DO NOT THINK THAT IT IS WORTH MAKING AN ISSUE OF THIS POINT. THE TEXT APPEARS OTHERWISE SATISFACTORY SINCE IT

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