Following the discussion, the Executive Committee decided:
- To apply the penalty in the Agreement calculated as 10 per cent of the amount of the tranche being submitted to the Executive Committee for approval in instances of non‑compliance with the Agreement between the Executive Committee and the Government concerned, when the following criteria had been met: (i) the country concerned was a low-volume-consuming country, (ii) it was the first time that the country had been in non-compliance and (iii) the country had returned to compliance without additional assistance from the Fund;
- Using the method outlined in sub-paragraph (a) above, to apply a US $33,000 penalty to the second tranche of the terminal phase-out management (TPMP) for Kenya;
- To approve the second tranche of the TPMP for Kenya at the amount of US $297,000, plus agency support costs of US $38,610, which took into account the penalty as calculated in sub-paragraph (b) above.