Bahamas settles IMO contribution

Today, (14 January 2005) Mr. J. Mervyn Jones, the Director of the Bahamas Maritime Authority and Alternate Permanent Representative of the Commonwealth of the Bahamas to IMO, presented a cheque for £1,070,346 to the Secretary-General of IMO, to settle the assessed budget contribution to IMO of the Bahamas Government for 2005. IMO Secretary-General Efthimios E. Mitropoulos welcomed this presentation and said:

"I am very pleased to receive this timely payment of assessment by the Government of the Commonwealth of the Bahamas for the current financial year. It is an excellent example for all to follow. The timely payment of assessments is essential for the Organization's financial wellbeing and recognizes the critical contribution of the Organization's work programme to enhancing global maritime safety, security and environmental standards in the interests of the global maritime community and civil society at large."

Note: The annual budget of IMO (of £23,684,500) is distributed amongst the Organization's 164 Member States and 3 Associate Members on the basis of a contribution formula which, broadly-speaking, apportions 85% of the budget on the basis of the gross tonnage of each Member State of ships registered, as recorded by Lloyds Register, and 15% broadly according to capacity to pay.

The Bahamas' gross registered tonnage of 34,910,435 represents 5.6% of the world fleet.

Under the Organization's Financial Regulations and Rules, contributions are due from IMO Member States by the end of January 2005.

14 January 2005

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