Clarification of the eligible methods of payment in an effort to ensure that pledged funds are available when they are needed for implementation of approved projects
128. The Executive Committee decided that, in the future, promissory notes did constitute committable resources and that the deposit of a promissory note would be considered to be payment of a country's contribution to the Fund. Promissory notes would be encashed on a fixed schedule with the option of accelerated encashment on demand by the Treasurer in light of needs on a pro rata basis. If there was a need for an accelerated encashment, notes deposited prior to 1994 should be encashed before accelerated encashment of notes deposited in 1994 or after was required. The scheduling of draw down from 1994 promissory notes would begin in 1995. If the notes deposited before 1994 were encashed in totality in 1994, the draw down from 1994 promissory notes could begin in 1994.
129. The Treasurer would submit a draft schedule of promissory notes at the next meeting of the Executive Committee, taking into account the preceding paragraph.
130. The Executive Committee noted that those contributing in cash could determine when to pay their contributions within the year during which they were due.