22. The GFCM Secretary presented this item on the basis of document GFCM/XXIX/2005/4. The status of acceptance of the amendments to the GFCM Agreement relative to the autonomous budget since the Extraordinary Session was reviewed. The Commission was informed that Japan deposited its instrument of acceptance on 30 July 2004 and that Lebanon had unofficially informed the Secretariat late 2004 that it would deposit its instruments of acceptance in the near future. The delegate from Algeria notified the Commission that his Government has deposited its instrument of acceptance with the Director-General of FAO in the course of the Twenty-ninth session.
23. Following the statement made by the Commission at its Extraordinary Session concerning the validation of the wealth and fishery production figures used in the calculation of the scale of contribution, the Secretary reported that no Member had questioned the validity of these figures.
24. The Secretariat reported on action taken by the Organization on the issues of the FAO project servicing costs (PSC) and the currency to be used by Members in relation to the autonomous budget.
25. The Commission noted with satisfaction that a PSC was established at a rate of 4.5 percent of the autonomous budget and acknowledged that contributions could be paid in convertible currency other than United States dollars, especially in Euro.
26. In this respect, it was recalled that, when adopting the Financial Regulations, at its Extraordinary Session, the Commission noted that Financial Regulation III, paragraph 5 would need to be completed through the addition of a rate for project servicing costs to be determined by the Director, Office of Programme, Budget and Evaluation (PBE), in accordance with the policy for support cost reimbursement endorsed by the Council of FAO. The Commission considered the Secretariat's proposal that the Financial Regulations refer to the FAO policy on PSC rates without mention of a specific rate, in view of a possibility of upwards or downwards changes under the FAO policy. The Commission, in line with the debates held at the Extraordinary Session, decided that the specific rate of 4.5 percent for cost reimbursement should be referred to in Rule III, paragraph 5 of the Financial Regulations.
27. In this connection, the Commission noted that should there be a need to revise the rate in conformity with the policy for support cost reimbursement as endorsed by the Council of FAO, the matter would be referred to the GFCM and would have to be addressed in conformity with Articles II, paragraph 13 and IX, paragraph 7 of the GFCM Agreement.
28. The Commission endorsed the proposed provisions of Financial Regulation V.4 regarding the currencies of assessment and of payment of the budget of the Commission and noted that these provisions were consistent with those approved by the Conference of FAO at its Thirty-second Session (Rome 29 November-9 December 2003).
29. Various Members of the Commission, especially the delegations of the EC and France, reiterated their request that Euro be the currency of assessment and the currency used by the Commission in its operation.
