The Executive Committee decided:
(a) to note the report* of the Treasurer;
(b) to welcome the advice that of the total available resources of about US $75 million the funds available for immediate transfer were about US $41 million and that the estimated balance available for transfer by 31 January 1996 would be about US $57 million;
(c) to note the Treasurer's statement that although resources appeared to be immediately available, there might be some delay in the transfer of resources to the implementing agencies because approximately US $27 million of total available resources were in the form of non-transferable promissory notes, which, while being fully accepted as paid contributions to the Fund, could not immediately be used to cover any project commitments of the implementing agencies under their respective financial rules and regulations; and
(d) to request the Treasurer, in the light of his statement, to report to the Committee at its Nineteenth Meeting on the issues entailed by the receipt of contributions in the form of promissory notes, specifically in regard to the implications for the liquidity of the Fund, of receiving an increasing number of contributions in that form with a view to identifying a permanent solution to the problem.
- The status of the Fund and of contributions for the period 1991-1995 as at 22 November 1995 is attached as Annex I to the present report.