The Governing Council, at its thirty-fifth session (February 2012), adopted Resolution 166/XXXV on the Ninth Replenishment of IFAD’s resources (hereinafter referred to as “the Resolution”) which sets the target level of the replenishment at one billion and five hundred million United States dollars (US$1,500,000,000)¹;
Section I(e) of the Resolution stipulates:

While maintaining the target level as specified in subsection I(b), the structural gap may not exceed 15 per cent of such target level. In the event that the structural gap exceeds 15 per cent at the end of the six-month period for the creation of new votes specified in subsection IX(a) of this resolution, the target level specified in subsection I(b) shall be adjusted so that the total amount of the pledges received at that date represents at least 85 per cent of the target level. If such an adjustment becomes necessary, the President will immediately communicate the new target level to the Governors, after which subsection I(b) shall be deemed to have been amended accordingly.

It is hereby confirmed that the target referred to above has been reached as pledges as at the end of the six month period, i.e. 22 August 2012, amount to US$1,403,713,444 which represent 94 per cent of the target level.

Therefore, pursuant to Section I(e) of the Resolution, no adjustment needs to be made to the set target level of the Ninth Replenishment of IFAD’s resources.

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1/ Section I(b) of the Resolution