Closing balance at 31 December (137,171) (51,427)

There are no restrictions on foreign exchange or capital movement, and bank secrecy is strictly enforced.

We also welcome innovations, such as the suggested International Financial Facility, which would provide funds against the promise of future aid, and taxes on airline tickets or foreign exchange purchases, whether on a mandatory or voluntary basis.

These included the provision of more detailed statistics on FDI, in particular by industries, the foreign exchange regime and the competition issues related to the country's informal sector.

This report would evaluate the sustainability of current account balances and exchange rates, and the adequacy or excessiveness of members foreign exchange reserves.

Financial contributions to accounts established under Article 18 shall be payable in freely convertible currencies and shall be exempt from foreign exchange restrictions.

Local bond markets provide alternative sources of financing for companies and Governments, which avoid exchange rate risks inherent to foreign financing.

Travellers' cheques and notes in all major foreign currencies may be exchanged at any commercial bank and most hotels and foreign exchange counters.

This diminishes the value of these countries foreign exchange reserves, endangers their fiscal and exchange rate policies, and undermines their financial security.

Moreover, the mandatory 20 foreign exchange cover stipulated in the convention signed with France in 1962 now stands at 110 .

The innovative idea of launching in 2005 an International Finance Facility to support an immediate front loading of official development assistance is also noteworthy.

China s exchange rate policy is problematic not because it promotes exports, but because it has forced the country to accumulate a huge pile of wasteful foreign reserves.

At the source, capital requirements for currency mismatches in portfolios, together with margin requirements on foreign exchange derivatives, make sense.

Disbursements payments

of exchange

of exchange

of exchange

of exchange

Balance 1992 1992 Exchange Balance at

RATES OF EXCHANGE

At present, many developing countries are accumulating foreign exchange reserves in order to avoid such overvaluation and to enjoy export led rather than debt led growth.

Chapter II

Item 5 of the provisional agenda

and subregional Centres

Contents

Introduction

ICCD COP(4) 3 Add.7 Implementation of the Convention Addendum Consideration of additional procedures or institutional mechanisms to assist the Conference of the Parties in regularly reviewing the implementation of the Convention

See article 14 of the International Covenant of Civil and Political Rights article 8 of the American Convention on Human Rights article 6 of the Convention for the Protection of Human Rights and Fundamental Freedoms (United Nations, Treaty Series, vol. 213, No. 2889) and article 7 of the African Charter on Human and Peoples' Rights (United Nations, Treaty Series, vol. 1520, No. 26363).

Annex to the letter dated 7 November 2005 from the Permanent Representative of Israel to the United Nations addressed to the Chairman of the Special Political and Decolonization Committee (Fourth Committee)

Annex.

The Parties may wish to review the documents and advise the Executive Secretary of action to be taken.

Cc

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By Action Item Status

ANNEX

ANNEX

Early efforts that restricted OFDI insisted that borrowing was to be done abroad and earnings were to be reinvested, or that plants and equipment were to be used as contributions of capital in kind.

The United States and United Kingdom were the two largest destinations for OFDI by both Indian TNCs and SMEs (annex table 6).

Exchange Rate Disorder

Sewerage and Drainage

(f) Exchange rate