UNCTAD-VII: PERU AND MADAGASCAR RATIFY FUND AGREEMENT.

Jul 24, 1987

UNCTAD-VII: PERU AND MADAGASCAR RATIFY FUND AGREEMENT.

GENEVA, JULY 22 (IFDA) – Peru and Madagascar have announced their ratification of the common fund agreement.

This brings the total ratifications to 96 countries accounting for 59.62 percent of the 470 million dollar directly contributed capital (DCC) of the fund.

The secretariat of UNCTAD Wednesday received a cable from the Madagascar Presidency about the ratification. The Peruvian delegate told a G77 meeting that the ratification by his country had been completed.

Both delegations said they were trying, if possible, to get the necessary documents here to deposit the instruments of ratification before the conference ends on July 31. Otherwise the instruments would be deposited in New York at the UN.

The Soviet Union and Cote D’Ivoire, accounting for a total of 6.14 percent of the DCC, have signed the agreement here during the Conference, and have said they were taking steps to complete the ratifications quickly.

For entry into force the agreement needs the fulfilment of the second condition, namely ratifications by countries accounting for two-thirds of the DCC. The first condition, ratifications by 90 countries has already been met.