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UN members approve FAO budget
Rome, Dec 06: Countries approved a USD 749 million biennial budget for the UN food and agriculture agency yesterday, a 100 million dollar increase over the previous budget, but the agency will still have to absorb USD 51 million because of the devaluation of the dollar.
Rome, Dec 06: Countries approved a USD 749 million biennial budget for the UN food and agriculture agency yesterday, a 100 million dollar increase over the previous budget, but the agency will still have to absorb USD 51 million because of the devaluation of the dollar.
To reduce future vulnerability to currency fluctuations, members of the FAO's governing board agreed to pay their contributions to the UN agency partly in Euros, and
partly in Dollars, a statement said.
FAO had warned that without such a split assessment, jobs and programs could be at risk.
"It's safe to say it certainly wasn't the worst case," said FAO spokesman John Riddle.
FAO's director-general, Jacques Diouf, had proposed a budget for 2004-2005 of $845.1 million, but also put forward a second option capping it at $800.3 million, which would have maintained the agency's current purchasing power.
The countries yesterday approved $749 million, nearly 100 million dollar over the 2002-2003 budget of $651.8 million.
But FAO said that the amount will only partially offset the cost increases in the agency's Dollar-based budget caused by exchange rate fluctuations and inflation. It said the agency will have to absorb $51 million.
"Of course we make every effort to make sure programs are not affected," Riddle said in a phone interview.
Bureau Report
FAO had warned that without such a split assessment, jobs and programs could be at risk.
"It's safe to say it certainly wasn't the worst case," said FAO spokesman John Riddle.
FAO's director-general, Jacques Diouf, had proposed a budget for 2004-2005 of $845.1 million, but also put forward a second option capping it at $800.3 million, which would have maintained the agency's current purchasing power.
The countries yesterday approved $749 million, nearly 100 million dollar over the 2002-2003 budget of $651.8 million.
But FAO said that the amount will only partially offset the cost increases in the agency's Dollar-based budget caused by exchange rate fluctuations and inflation. It said the agency will have to absorb $51 million.
"Of course we make every effort to make sure programs are not affected," Riddle said in a phone interview.
Bureau Report