Asia-Pacific Economic Co-operation (Apec) finance ministers are set to agree on nine or 10 initiatives tomorrow to promote freer capital flow, synchronise development of financial and capital markets and encourage greater private sector participation in infrastructure development. Apec finance and central bank deputies met yesterday to hammer out details of a joint statement to be discussed by ministers today. A source said all but two of Apec's 18 members agreed to the wording of the statement. The two members need to consult their respective governments before also giving it their seal of approval. Among the initiatives is likely to be the scrapping of exchange controls where they still exist. There is also likely to be a call for member countries to adopt International Monetary Fund (IMF) guidelines to improve transparency and disclosure. This would help promote greater capital flow within the region. It would also encourage Apec countries to help one another when in financial difficulty. Finance ministers are expected to agree that more must be done to help facilitate private sector involvement, given reports that US$8 trillion may be needed for infrastructure development in the region between 1994 and 2004. The ministers are expected to call for greater disclosure of any subsidies to the private sector for infrastructure projects. A Hong Kong government source said the territory was likely to support all the proposed measures. Hong Kong's delegation is led by Treasury Secretary Kwong Ki-chi.