HOW DE '98 18:57 UDEL
FUND'
EXECUTIVE DIRECTOR
INTERNATIONAL MONETARY FUND
WASHINGTON. D. C. 20431
P.3 17
75
Jon Cunliffe Esq HM Treasury London, England
Dear Jon
MKC 031/15 нис
November 2, 1993
1333
1997 ANNUAL MEETINGS
pity
I attach revised drafts of the letters of invitation and Memorandum of Understanding, given to me yesterday by the Fund and Bank Secretries.
The drafts take account of preliminary Chinese comments on our comments. As you will see, they have accepted most of our suggestions. Indeed, the only important outstanding issue now is visas. I have agreed with the Fund and Bank that for the time being the original formulation (that is that the Chinese would honour outstanding visas) will be reinstated as an option at the bottom of page 1 of the Chinese letter, and in 4(c) of the Memorandum. Van Houtven indicated that the Chinese Alternate Director, Zhang, had proposed an alternative neutral formulation, that would simply say that the British and Chinese Governments undertook that visas would be made available both before and after July 1, without specifying the precise mechanism. But, van Houtven said, the Fund and Bank would like something more specific. I was asked to talk to Zhang, which I will do tomorrow or Thursday, to try again to persuade him to accept the original formulation.
I would welcome guidance on any additional points I might make to Zhang on this, and how hard I should press the point. My guess is that the most I will be able to secure is Chinese agreement to go back to the Fund and Bank Secretaries in a joint demarche to try to get them to accept a neutral formulation.
(i)
There are two other points I should mention:
The Chinese have apparently suggested some new words to go at the beginning of Memorandum of Services, to make the clear that the Memorandum derives from the Memorandum of Understanding. I am promised this suggested wording shortly.
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