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Financial problem in the Arab league
Sources in the Arab League said that it suffers a severe financial crisis because its 21 member states are late in paying their annual contributions which toll 100 million dollars. The sources indicated that by the end of the current month, only 5% of the contributions set for 2004, while only 49% of the contributions of 2003 were honored of an annual budget estimated at 35 million dollars. The lowest rate of contributions since 1990.Short of bucks, are you? The AL was obliged to withdraw 3 million from its financial reserves estimated at 5.6 million to cover its current spending. Similar sources said that the secretary general of the Arab League Amr Moussa has not received his monthly salary estimated at USD 10,000 since 3 months. One of Moussaâs aides, Nour Eddine Hashed said that 240 projects for carrying out activities were abrogated in 2003 because of a deficiency in the budget. Break out the nano-violins. The administrative and financial committee at the AL called in a meeting chaired by Saudi Arabia on the member states to pay their contributions for 2004 before the end of the first quarter of the year and also to repay its debt. "Pay up or...or, er, weâll do, something." Posted by: Steve 2004-02-27 |
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