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HKC 031/10
1. Utc 1993
From:
M A Power
Extn:
0155 Rm V710
Date: 29 October 1993
CC: Mr Chakrabarti, APD
Ms Cund, FD
Mr Whitney, HKD
LANNI
IMF/WORLD BANK 1997 ANNUAL MEETINGS:
1.
HONG KONG
ཝ་
During yesterday's meeting about the contingent liability HMG may need to accept in support of Hong Kong's bid to host the 1997 IMF/World Bank Annual Meetings, you asked me to check:
2.
(a) that the guarantee relates solely to the provision of services and facilities by Hong Kong in the period up to July 1997; and that HMG would not be liable if, for whatever reason, the location of the meetings had to be moved from Hong Kong at short notice; and
(b)
whether the possibility had been considered of securing an undertaking from Hong Kong to refund any expenditure which HMG might be called upon to make
under the guarantee.
On the first point, David Peretz is quite clear that the
to guarantee relates solely the provision of
and services
facilities by Hong Kong. On the second, Treasury say the point has been considered, but rejected as being too 'circular': if Hong Kong was in a position to refund HMG, it would be difficult to envisage circumstances in which it would not be able to discharge its obligations direct. Hong Kong Department are unwilling to seek further assurances on performance from Hong Kong, because these would have to be put to the Finance
/Committee
72
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