Mr Donald Tsang, the Financial Secretary, welcomes the
establishment of the International Monetary Fund (IMF) Sub-Office
in Hong Kong, following the formal signing on 23 September of a
Memorandum of Understanding between the People's Bank of China
(PBoC) and the IMF during the IMF/World Bank Annual Meetings in
Prague. "The establishment of the Sub-Office underlines Hong Kong's
position as the premier international financial centre in the
region," he said.
"I am pleased to say that the International Finance Corporation
(IFC) and the International Bank for Reconstruction and Development
(IBRD) have also decided to establish in Hong Kong its first Joint
Regional Office in Asia," Mr Tsang said. The Joint Regional Office
will commence operations in Hong Kong after the signing of the
necessary documents.
Mr Joseph Yam, Chief Executive of the Hong Kong Monetary
Authority, said "The establishment of these two offices is a
positive development for Hong Kong. We look forward to working
closely with the two offices and will render the necessary support
to facilitate their work in Hong Kong."
Note to
Editors:
- Photo of the signing ceremony showing Messrs.
Horst Kohler, Dai Xianglong and Norman Chan.
- Press
Release issued by IMF
- Background note on IMF, IFC, IBRD and the two
offices in Hong Kong
Press Enquiries:
HKMA
Mr. Thomas Chan, Press Relations, at (852) 2878 1480
IMF
Mr. William Lee, Resident Representative, IMF Sub-Office in Hong
Kong,
at (852) 2878 7303
Mr. David Hawley, IMF Press Desk at Prague, at (420) 2 6117
3151
IFC/IBRD
Mr. Javed Hamid, Director, IFC/IBRD Joint Office in Hong Kong, at
(852) 2509 8100
Mr. Mark Constantine, IFC Press Desk in Prague, at (44) 790 999
5701
Hong Kong Monetary Authority
24 September 2000
Background Note
IMF Sub-Office in Hong Kong
The IMF was established in 1945 with the main objectives of
promoting international monetary co-operation and exchange
stability as well as to assist its members to address balance of
payments problems.
The IMF currently has 75 resident representatives covering 79
countries worldwide. The IMF Sub-Office in Hong Kong serves as a
subsidiary unit of the IMF Resident Representative Office in
Beijing. The establishment of the Sub-Office in Hong Kong would
enable the IMF to better monitor economic and financial
developments in Hong Kong, an important international financial
centre, and to deepen analysis of the implications of regional
developments on Hong Kong. The IMF has appointed Mr. William Lee as
the first Resident Representative of the Hong Kong Sub-Office.
The Memorandum of Understanding (MoU) for the Sub-Office, which
sets out the privileges and immunities to be accorded to the IMF
Sub-Office and its personnel, was signed by Mr. Dai Xianglong,
Governor of the PBoC, and Mr. Horst Kohler, Managing Director of
the IMF.
IFC/IBRD Joint Regional Office
The IBRD and the IFC, established in 1945 and 1956 respectively,
are both members of the World Bank Group. The major role of the
IBRD is to assist the economic and social development of developing
countries by providing loans as well as advice and technical
assistance to member governments. The IFC, the private sector arm,
encourages private sector activities by offering financing to
companies in developing countries in the form of lending, equity
investments, guarantees and standby financing.
The decision of the IFC and IBRD to establish a Joint Regional
Office in Hong Kong is in line with the World Bank Group's
decentralisation objective to bring the management and officers
closer to the client and the market where they operate. The Office
is responsible for managing IFC's operations and IBRD's Private
Sector Development activities in East Asia and Pacific. Mr Javed
Hamid, Regional Director, has been appointed to head the Joint
Regional Office. Its establishment would stimulate private sector
investment in the region, and China in particular, while providing
more business opportunities for Hong Kong. It would also facilitate
IFC's own fund-raising activities in Hong Kong and the region.
The IFC and the IBRD will also sign an MoU with the Ministry of
Finance of China and a Memorandum of Administrative Arrangements
with the HKSARG over the next few days in Prague for the
establishment of their Joint Regional Office in Hong Kong.
