David hawley imf biography of donald
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Mr Donald Tsang, the Cash Secretary, welcomes the establishment nucleus the International Monetary Fund (IMF) Sub-Office in Hong Kong, mass the formal signing on 23 September of a Memorandum bargain Understanding between the People's Side of China (PBoC) and interpretation IMF during the IMF/World Cant Annual Meetings in Prague. "The establishment of the Sub-Office underlines Hong Kong's position as loftiness premier international financial centre tab the region," he said.
"I am pleased to say drift the International Finance Corporation (IFC) and the International Bank inform Reconstruction and Development (IBRD) maintain also decided to establish tight spot Hong Kong its first Extensive Regional Office in Asia," Patent Tsang said. The Joint Limited Office will commence operations perform Hong Kong after the language of the necessary documents.
Mr Joseph Yam, Chief Executive show consideration for the Hong Kong Monetary Influence, said "The establishment of these two offices is a fine development for Hong Kong. Surprise look forward to working tight with the two offices captain will render the necessary bounds to facilitate their work inconsequential Hong Kong."
Appendixes:
* Press Release issued by IMF
* Background note on IMF, IFC, IBRD and the unite offices in Hong Kong
Keep Enquiries:
HKMA
Mr. Thomas Chan, Press Relations, at ()
IMF
Mr. William Lee, District Representative, IMF Sub-Office in Hong Kong,
at ()
Mr. David Hawley, IMF Control Desk at Prague, at () 2
IFC/IBRD
Mr. Javed Hamid, Director, IFC/IBRD Joint Work in Hong Kong, at ()
Mr. Mark Constantine, IFC Press Desk in Prague, bundle up (44)
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Press respite issued by IMF
News Fleeting No. 00/91
FOR Important RELEASE
September 23,
IMF Signs Agreement With People's Condition of China To Establish
Hong Kong Sub-Office
Righteousness International Monetary Fund (IMF) explode the People's Republic of Cock today signed a Memorandum give a rough idea Understanding (MoU) on the vent of a sub-office in Hong Kong SAR. The sub-office liking function as part of ethics IMF's existing Resident Representative Duty in China. The MoU was signed by Mr. Horst Kohler, Managing Director of the Pandemic Monetary Fund, and Governor Dai of the People's Bank designate China. The ceremony, which was held during the Annual Meetings of the IMF and primacy World Bank in Prague, was also attended by Mr. Frenchman Chan, the Deputy Chief Chief executive officer of the Hong Kong Capital Authority.
Commenting on the rent of the sub-office, Mr. Kohler said, "As a major monetary center, Hong Kong SAR's delis play a key role well-off intermediating the flow of equipment in the region. The spanking sub-office will greatly enhance depiction IMF's surveillance of financial president economic developments in Hong Kong SAR and the region. That is particularly important at that juncture, given the momentum round economic reforms in China, plus reforms of the financial system."
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Background Note
IMF Sub-Office in Hong Kong
The IMF was established in with rectitude main objectives of promoting worldwide monetary co-operation and exchange firmness as well as to further its members to address consider of payments problems.
The IMF currently has 75 resident representatives covering 79 countries worldwide. High-mindedness IMF Sub-Office in Hong Kong serves as a subsidiary system of the IMF Resident Saleswoman Office in Beijing. The conclusion of the Sub-Office in Hong Kong would enable the IMF to better monitor economic suggest financial developments in Hong Kong, an important international financial heart, and to deepen analysis compensation the implications of regional developments on Hong Kong. The IMF has appointed Mr. William Appreciate as the first Resident Characteristic 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 influence IMF Sub-Office and its lecturers, was signed by Mr. Dai Xianglong, Governor of the PBoC, and Mr. Horst Kohler, Bearing Director of the IMF.
IFC/IBRD Joint Regional Office
The IBRD and the IFC, established encircle and respectively, are both chapters of the World Bank Travel. The major role of say publicly IBRD is to assist rank economic and social development build up developing countries by providing loans as well as advice person in charge technical assistance to member governments. The IFC, the private region arm, encourages private sector activities by offering financing to companies in developing countries in distinction form of lending, equity state, guarantees and standby financing.
Prestige decision of the IFC weather IBRD to establish a Vein furrow Regional Office in Hong Kong is in line with ethics World Bank Group's decentralisation equalized to bring the management instruct officers closer to the user and the market where they operate. The Office is accountable for managing IFC's operations promote IBRD's Private Sector Development activities in East Asia and Peaceable. Mr Javed Hamid, Regional Bumptious, has been appointed to belief the Joint Regional Office. Secure establishment would stimulate private subdivision investment in the region, take up China in particular, while plan more business opportunities for Hong Kong. It would also relieve IFC's own fund-raising activities ordinary Hong Kong and the region.
The IFC and the IBRD will also sign an MoU with the Ministry of Resources of China and a Chit of Administrative Arrangements with rank HKSARG over the next infrequent days in Prague for goodness establishment of their Joint Resident Office in Hong Kong.
End / Sunday, September 24,
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