33. Expected proceeds from the sale of related property and salvage proceeds should not be netted against an environmental liability.

Voluntary contributions receivable and unrecorded liabilities

9. Liabilities included contributions received in advance from UNDP of 572,860, other liabilities of 358,242 (deferred income), unliquidated obligations of 594,491, and inter fund balances payable of 40,395.

The financial report and accounts reflect UNICEF income, expenditure, assets and liabilities, including the net operating income, assets and liabilities of PSD.

25. The financial report and accounts reflect UNICEF income, expenditure, assets and liabilities, including the net operating income, assets and liabilities of the greeting card and related operations.

(d) Generally, income, expenditure, assets and liabilities are recognized on the accrual basis of accounting, although for assessed income see paragraph (j) (ii) below.

The Committee noted that a number of higher and middle income countries benefited from the debt burden adjustment.

For several of the heavily indebted poor countries the share of government revenues that is devoted to debt servicing is larger than the education and health budget combined.

(f) The Organization's financial statements are prepared on the historical cost basis of accounting and are not adjusted to reflect the effects of changing prices for goods and services

There are also middle income, high debt developing countries that need a reprieve from the debt burden they face.

(d) Income, expenditure, assets and liabilities are recognized on the accrual basis of accounting

(g) The income and expenditure and assets and liabilities are recognized on the accrual basis of accounting

C. Balance of payments constraint and the debt burden

(h) The income and expenditures and assets and liabilities are recognized on the accrual basis of accounting.

The recent advances in the international strategy to relieve the debt burden of highly indebted poor countries (HIPC) will have some effect, but more may need to be done, not only for the low income countries of Africa but also for its highly indebted middle income countries.

12. The United Nations General Fund contains all regular budget income and expenditure, as well as the assets and liabilities of the Organization other than those specifically identified with other funds.

Contributions received under joint programming funds are not recorded as UNDP income.

A reformed United Nations system must, therefore, devise special mechanisms to reduce the debt burdens of low and middle income countries.

Debt and low per capita income adjustment

The better than expected cash position resulted from additional voluntary contributions received, interest income earned, savings on prior period obligations as well as delays in the liquidation of current period obligations.

Statement of assets, liabilities, Working Capital Fund and excess of income over expenditures as at 31 December 2003

Proceeds from the sale of United Nations bonds

Many low and middle income countries had experienced greater difficulties in honouring their debt commitments.

These were included in other accounts receivable in the assets and liabilities statement for the General Fund.

(c) Financial activities cover the traditional control areas concerned with budget, the flow of funds (revenues and expenditures), related assets and liabilities and financial information

Income projections for 2005 2009

Consolidated income projections

Income and expenditure projections

Income and expenditure projections

Expected income from investments

Expected miscellaneous income

Edwin Snowe is presently working as Managing Director of the Liberia Petroleum Refining Company.

Projections of the Office s portfolio, income and administrative expenditures and income

This income is expected to remain around 6 per cent of net proceeds.

These charges will be credited to the fund from where payments will be made as they become due, but the level of the charge is to be adjusted on the basis of analysis of the contingent liability in future.

There have been reductions in the ratios of debt to gross national income and debt service to export earnings since 2000, due to strenuous efforts at repayment by developing countries and some debt relief.

Income projections, 2004 2005

Estimated income to the budget

B. Budget, income and expenditure . 76 79 28

Recent debt strategies in the cases of middle income countries

B. Budgeted income for the 2006 season

The personal debt to income ratio basically went from 65 percent to 135 percent in the span of about 15 years.

Interest generated from investments and the related receivables and payables are reported in the quot undistributed quot balance sheet.

As a result, the heavily indebted countries were forced to draw on their export earnings to pay off their debt, and meet the requirements of economic reform and poverty eradication programmes.

16. Notes with concern the continuing burden of debt and debt service obligations of middle income countries, including in particular those in Africa, and encourages creditors, including multilateral financial institutions and commercial banks, to continue to address their obligations effectively