HL Deb 28 June 1965 vol 267 cc665-6

2.36 p.m.


My Lords, I beg leave to ask the Question which stands in my name on the Order Paper.

[The Question was as follows:

To ask Her Majesty's Government whether, as no recent accounts have been published and in view of a recent statement by the Secretary-General referring to a deficit of over 100 million dollars, they can give the current position in respect of the various banking accounts of the United Nations organisation; and, if any of these accounts are overdrawn, by whom and on what terms funds have been provided.]


My Lords, the Financial Report and Accounts of the United Nations for the year ended December 31, 1964, and the Report of the Board of Auditors will be published shortly. What the Secretary-General has termed the deficit, which he estimates at 108.4 million dollars, relates mainly to sums borrowed from various sources to discharge obligations and to bills rendered, or due to be rendered, for supplies and services to the United Nations. The United Nations has borrowed from the Working Capital Fund, on which no interest is payable, and from the Special Fund, at an interest rate of 4 per cent. In respect of bills which have not yet been paid, no borrowing has yet taken place. But further borrowing may still be required, depending upon the extent to which further contributions are paid by member States. The United Nations has no bank overdraft: it has in fact no provision in its regulations permitting it to arrange overdrafts.


My Lords, I beg to thank the noble Lord for his reply.

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