Having considered the comments and recommendations of the Sub-Committee on Monitoring, Evaluation and Finance (UNEP/OzL.Pro/ExCom/25/4, paragraph 6), the Executive Committee decided:
(a) To approve the proposed amendments to the agreements between the Executive Committee and UNDP and UNIDO and authorize the Chairman of the Executive Committee to sign them on its behalf (Annex II to the present report [document UNEP/OzL.Pro/ExCom/25/68]);
(b) That, in view of the significant shift in the composition of cash and promissory notes in the resources of the Multilateral Fund and operational needs, the Treasurer should have the flexibility to implement the Executive Committee decision on accelerated encashment on need, provided that any accelerated encashment was done on a pro-rata basis across all the promissory notes received by the Treasurer, to provide fairness, and with a reasonable period of time of advance notice;
(c) That contributing parties which issued promissory notes in currencies other than the United States dollar should be responsible for the upward or downward movement of the value of their promissory notes due to exchange rate fluctuations. The variance between the value of the note when it was deposited and the value of the note when it was cashed should be credited or debited to the account of the note-issuing party and reflected in the contribution due from the party in the following year.