Decision 51/3

Following the discussion, the Executive Committee decided:

1. To note the report of the Treasurer on the review of the Executive Committee’s policy on promissory notes as requested by decision 50/44(c), contained in document UNEP/OzL.Pro/ExCom/51/4;
2. To recall paragraph 180 of the report of the 50^th Meeting of the Executive Committee in which the Treasurer drew the Committee’s attention to the reluctance of implementing agencies to accept promissory notes that were not encashable on demand, keeping in mind existing agreements between the Executive Committee and the implementing agencies on the acceptance of promissory notes;
3. To request Parties continuing to use promissory notes to do their utmost to meet the Treasurer’s request for their accelerated encashment in order to mitigate cash flow problems; and
4. To encourage Parties, in the context of the 2009-2011 replenishment, to make their contributions in the form of cash in order not to delay project implementation by implementing agencies.