Resolution
18/79
REPLENISHMENT OF THE SPECIAL RESERVE
ACCOUNT
THE CONFERENCE
,
Recalling
that at its Nineteenth Session it established a Special Reserve Account to assist in protecting the Organization's programmes of work against the effects of unbudgeted extra costs that may arise in the 1978-79 biennium or in any subsequent biennia due to adverse currency fluctuations and unbudgeted inflationary trends,
Noting
that up to
30 September 1979
$2 496 000 had been withdrawn from the account to cover unbudgeted extra costs arising from currency fluctuations,
Noting
further that, provided the rate of exchange for the lira did not change substantially in the remainder of 1979, further amounts would have to be withdrawn,
Considering
that in accordance with Conference Resolution 27/77, the level of the Special Reserve Account should be raised to a level calculated on the basis of 2.5 percent of the 1980-81 effective working budget at the lira rate as decided by the
Conference
,
Considering
also that, provided Member Nations pay their contributions in good time, a cash surplus is expected,
Decides
that, notwithstanding the provisions of Financial Regulation 6.1(b), such portion of this cash surplus as is required to bring the level of the Special Reserve Account to 2.5 percent of the 1980-81 effective working budget shall be withheld and credited to the Special Reserve Account.
(Adopted
27 November 1979
)