259 



conditions applying to the original participants, such newly-inde- 

 pendent Government shall be determined a participant in the project. 

 In such circumstances, the cash contribution of the Government form- 

 erly responsible for the external relations of the country will, for the 

 remaining years of the project, be reduced accordingly. 



27. The amounts payable in each instalment are determined on the 

 basis of the United Nations operating rates of exchange at the time 

 of payment. The payment by the Participating Government of their 

 initial contributions in cash is a pre-requisite to the provision of sup- 

 port by the Special Fund. Continued Special Fund support during the 

 period of the project shall be contingent on the Participating Govern- 

 ments meeting the total of their annual obligations, as set out in para- 

 graph 24 above. 



28. The Participating Governments agree to permit and facilitate 

 the transfer of the net income received from the sale by or on behalf 

 of the Executing Agency of the catches of the project's exploratory 

 fishing vessels to the credit of a general account in the name of the 

 Executing Agency at Barclays Bank D.C.O. Bridgetown, Barbados, 

 and its use for the purposes of the project. The net income thus re- 

 ceived may be made available to meet project costs chargeable against 

 the Government counterpart contribution in cash set out in paragraph 

 14 above, in cases where such contribution proves to be insufficient to 

 cover the provision of the specified services and facilities required for 

 the proper execution of the project. Any such use of these funds by the 

 Executing Agency shall be subject to prior agreement with the Special 

 Fund and reflected in periodic provisions of the Plan of Expenditure 

 contained in the Work Plan and Plan of Expenditure. These revi- 

 sions will be communicated to the Participating Governments in ac- 

 cordance with Special Fund procedures. Any such amounts shall be 

 transferred by the Executing Agency to an account to be designated by 

 the Special Fund and shall be regarded as Government counterpart 

 contributions in cash. The balance standing to the credit of the general 

 account at the conclusion of the project shall be reimbursed to the 

 Participating Governments in the same proportion as their cash coun- 

 terpart contributions to the project. 



D. Organization 



29. The Food and Agriculture Organization of the United Nations 

 shall act as Executing Agency for the United Nations Special Fund. 



30. The Executing Agency may make contractual or other arrange- 

 ments with national or international organizations as required for an 

 efficient fulfillment of the project. Account shall be taken of bilateral 

 aid programmes and of organizations having a special competence on 

 fishery problems in the Caribbean region. 



31. The Executing Agency will assume overall responsibility for the 

 execution of the project including those parts which may be sub-con- 

 tracted to other organizations and will also exercise full budgetary 

 control of the funds allocated by the Special Fund. The operation of 

 the project will be planned and directed by the Executing Agency 

 through the Project Manager, in consultation with the Participating 

 Governments. 



32. The Participating Governments shall designate liaison officers 

 who shall be the normal channel of communication between the 



