Decision 50/1

Following the discussion, during which a number of Parties expressed concern at the outstanding arrears in contributions, the large value of promissory notes and the delays in the encashment of promissory notes, the Executive Committee decided

1. To note:
   1. The report of the Treasurer on the status of contributions and disbursements contained in Annex I to the present report;
   2. The intersessional approval of US $2 million plus US $0.1 million in support costs for the World Bank towards Argentina’s CFC production closure project;
   3. That US $67,735,710 of promissory notes had been encashed since the 49^th Meeting of the Executive Committee;
   4. With appreciation that US $51,234,834 related to accelerated encashment of notes by France and the United Kingdom;
2. To urge the remaining countries holding promissory notes to take the necessary action to accelerate their encashment and to encash those promissory notes issued by 31 December 2005 before the 51^st Meeting of the Executive Committee;
3. To encourage Parties with outstanding contributions to pay them at their earliest convenience and in this regard to note with concern that several Parties had not responded to the Treasurer’s request to provide information on when they would make their outstanding payments in line with decision XI/6, paragraph 7, of the Eleventh Meeting of the Parties; and
4. To note the updated list of countries opting to use the fixed-exchange-rate mechanism facility in making their contributions to the Fund for the triennium 2006-2008 as at 6 November 2006 attached to Annex I to the present report.