Chief Executive's transcript

The following is the transcript of a media session given by the Chief Executive, Mr Tung Chee Hwa, at the airport this (Thursday) morning after attending the APEC meetings in Vancouver:

Reporter: Did you come away with the feeling that the currency crisis we've seen the worst stopped now, or do you think it may happen again? And what happened that you've discussed the Vietnamese boat people issue, what was the response of other countries?

Mr Tung: On the Vietnamese boat people, of course every country had their own considerations. But I thought it'd be useful that I've made the appeal anyway. Insofar as the financial turmoil is concerned, obviously it's a concern for everybody. And I am sure all of us will learn from the lessons, particularly for those countries who are deeply involved (as to) how to do better next time around. And I must say this is not something which is just happening in Asia. I'd like to remind you in the 80's, America went through the saving and loan crisis which ultimately took, in the course, the taxpayers of the United States hundreds of billions of US dollars. But the important thing is to acknowledge that things have gone wrong, find out what, where it has gone wrong and make the proper correction and get on with it. And that's what we have done ourselves in the 80's and that's what we will continue into the future if we find we've done anything wrong. But so far, we've done very well.

Reporter: (Inaudible...) What the IMF is going to do? Do you think the worst is over?

Mr Tung: I think insofar as these countries are concerned, now is the beginning of a new phase where reforms will proceed and I am sure they will be successful. All the three countries committed themselves to abide by the IMF recommendations.