41st Meeting of the Executive Committee

The Executive Committee decided:
(a) To request the Treasurer to provide a report to the 42nd Meeting of the Executive Committee on the historical use of promissory notes.  For each promissory note submitted to date, the report should include:  country of origin, denomination, date of submission, place of custody, deposit bank of account, date of final Treasurer encashment, any exchange rate loss or gain that resulted to the Fund from the use of the note, schedule of encashment or other stipulation (if any) included by the country concerned with the submission of the note, but should not be drafted with a view to limiting countries’ right to use promissory notes;
(b) Also to request the Treasurer to report on rules and/or systems for the transparent and equitable encashment of promissory notes used in other forums, with a view to enabling the Executive Committee to determine the advisability of establishing more standardized rules for the use of promissory notes, and in an effort to ensure that the notes, as well as the contributions in cash, of all donors were treated equitably and exchange rate loss was minimized.