28 OCT
EE
15:30 OVERSEAS [EVELOPMENT 071 2730571
P.1
Mr Ainscow
8/k. David Seddon,
HKC 031/10
1 DEC 1993
From:
M A Power
Extn:
0155 Rm V710
ERD.
Date:
28 October 1993
cc: Mr Hudson
Mr Chakrabarti, APD
Ms Cund, FD
Mr Whitney, HKD
IMF/WORLD BANK 1997 ANNUAL MEETINGS: HONG KONG
We are meeting at 3pm today to discuss how we should handle the
issue of a contingent liability related to Hong Kong's bid to
host the 1997 IMF/World Bank Annual Meetings. Hong Kong estimate
the size of the contingent liability
about £3.5mn, and
Treasury want our agreement to share the charge jointly.
2. The background is set out in Mr Cunliffe's letter of 26 October attached. My preference would have been to include
this issue in the submission which Hong Kong Department preparing, to be routed through Lady Chalker 'en route' to
Mr Goodlad. Hong Kong Department, however, is not yet ready to
consult Ministers, because they are awaiting Hong Kong's reactions to several amendments proposed by the Chinese which create difficulties in relation to Hong Kong's autonomy. Time
is now getting very short to iron out the details; and Treasury
wish to consult the Chancellor over the weekend, so that David
Peretz can continue negotiations with Bank and Fund staff. the circumstances, we need to consult Lady Chalker separately about the proposition that QDA should jointly share
liability.
3. I attach a draft submission.
the
M A Power
International Financial Institutions Department
MP280ctl.BA
70
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