Decision 50/44

Following the discussion, the Executive Committee decided:

1. To request the Treasurer to present to the 51^st Meeting of the Executive Committee an amended report on the reconciliation of the 2005 accounts containing additional information and explanations where required;
2. To note:
   1. That UNIDO had written to confirm that it would comply with decision 48/38(b) by assigning miscellaneous charges of US $361,966 for the period up to December 2005 to either project or administrative costs; and that it proposed to absorb US $107,048 against UNIDO’s administrative costs and assign US $254,918 to project costs;
   2. That any interest received on behalf of the Swedish bilateral contribution would be returned to the Fund; and
   3. That the implementing agencies were unable to commit to project expenditures against promissory notes without assurance that the promissory notes were encashable upon demand and that that had already resulted in delays in implementation;
3. To request the Treasurer to review the Executive Committee’s policy on promissory notes in recognition of financial requirements to reflect the emerging business circumstances of the Multilateral Fund;
4. To urge the Treasurer to provide a schedule of encashment of promissory notes;
5. To request UNIDO to present, in the balances report to the 51^st Meeting of the Executive Committee, the list of projects to which the charges of US $254,918 were proposed to be recorded at that Meeting;
6. To acknowledge the updated status of overruns reported by UNDP, noting that whilst progress had been made further explanations were still required; and
7. To request the Treasurer to make the following adjustments to funds approved for implementing agencies by offsetting these amounts against current or future approvals: UNDP US $2,370; UNEP US $373,357; World Bank US $96,680 for 2004 and US $622,257 for 2005.