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Decision XVII/41: Fixed-exchange-rate mechanism for the replenishment of the Multilateral Fund

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The Seventeenth Meeting of the Parties decided in Dec. XVII/41:

Mindful of the conclusions contained in the revised final report by the Treasurer and the secretariat of the Multilateral Fund for the Implementation of the Montreal Protocol on the implementation of the fixed-exchange-rate mechanism and its impact on the operations of the Fund, prepared in response to decision XIII/4 and subsequently revised at the request of the Open-ended Working Group at its twenty-second meeting,

Reaffirming the purpose and objective of the fixed-exchange-rate mechanism as set out in paragraph 2 of decision XI/6 to promote the timely payment of contributions and to ensure that there is no adverse impact on the level of available resources of the Multilateral Fund,

Recalling that decision XI/6 established the fixed-exchange-rate mechanism on a trial basis for the 2000-2002 replenishment period and that decision XIV/40 extended the trial period for a further three years,

Noting that the latest report by the Treasurer on the status of the Fund as at 31 May 2005 shows that there has been an overall gain due to the fixed-exchange-rate mechanism of ,644,136,

Mindful that decision XIV/40 included an agreement that, if the fixed-exchange-rate mechanism was to be used for the next replenishment period, Parties choosing to pay in national currencies would calculate their contributions based on the average United Nations exchange rate for the six-month period commencing 1 July 2004,

1. To direct the Treasurer to extend the fixed-exchange-rate mechanism for a further trial period of three years;
2. That Parties choosing to pay in national currencies will calculate their contributions based on the average United Nations exchange rate for the six-month period commencing 1 July 2004. Subject to paragraph 3 below, Parties not choosing to pay in national currencies pursuant to the fixed-exchange-rate mechanism will continue to pay in United States dollars;
3. That no Party should change currency selected for its contribution in the course of the triennium period;
4. That only Parties with inflation rate fluctuations of less than 10 per cent, as per published figures of the International Monetary Fund, for the preceding triennium will be eligible to utilize the mechanism;
5. To urge Parties to pay their contributions to the Multilateral Fund in full and as early as possible in accordance with paragraph 7 of decision XI/6;
6. To agree if the fixed-exchange-rate mechanism is to be used for the next replenishment period, that Parties choosing to pay in national currencies will calculate their contributions based on the average United Nations exchange rate for the six-month period commencing 1 January 2008.

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