November 08, 2008	Saturday	Ziqa'ad 9, 1429

UNITED NATIONS, Nov 7: UN Secretary-General Ban Ki-moon rang alarm bells on Friday announcing that “the financial position of the UN remains fragile”.In a statement, Mr Ban urged member states to meet their financial obligations to the United Nations for 2008 in full and on time, warning of possible cash shortfalls if assessed contributions were not paid up in the remaining two months of this year.

The UN chief made the announcement in his report to the General Assembly, which reviews the world body’s financial situation as on Oct 24.

Funding for the UN budget is derived from contributions from member states. Their assessments are based on a number of factors, including per capita income. The UN’s regular budget for the biennium 2008-2009 is nearly $4.2 billion.

In addition to the regular budget, member states are assessed for the costs of the UN international tribunals, peacekeeping, and the five-year $1.9 billion renovation of the organisation’s New York Headquarters, known as the Capital Master Plan.

“The financial indicators for 2008 are mixed,” said the secretary-general.