UNCTAD-VII: CONGO RATIFIES COMMON FUND AGREEMENT.

Aug 1, 1987

UNCTAD-VII: CONGO RATIFIES COMMON FUND AGREEMENT.

GENEVA, JULY 30 (IFDA) – Congo has advised the Secretary-General of UNCTAD that it has taken steps to ratify the common fund agreement, and is in the process of sending its instruments of ratification, according to UNCTAD officials.

Congo accounts for 0.22 percent of the directly contributed capital.

Meanwhile the OPEC special fund has sent a communication to the UNCTAD Secretary-General reiterating its total financial commitments to the common fund of 100 million dollars, announced at the time the agreement was concluded in 1979.

The special fund agreed to pay the DCC of 35 least developed countries and one or two others, amounting in all to 37.16 million dollars, as well as its pledge of voluntary contribution to the second account of 46.4 million dollars.

The balance of 16 million comprises the capital subscription of OPEC members to the fund.