The Board approves the 2013 Operating Expenses Budget, as set forth in GF/B28/ER03-Annex 1, in the amount of USD 301.2 million (USD 297.2 million recurring plus USD 4.0 million non-recurring costs), which includes USD 21.1 million budgeted for the Office of the Inspector General.
Following approval of this decision, the Secretariat may enter into a forward contract to manage the 2013 Operating Expenses Budget's exposure to currency risk in accordance with GF/B22/DP18. If the exchange rate determined on the date of signature of the forward contract results in a foreign-exchange adjustment to the budget amount approved by the Board, the adjusted amount shall be communicated to the Board and deemed the approved 2013 Operating Expenses Budget. In the absence of hedging, monitoring of the 2013 Operating Expenses Budget will be measured at the exchange rate used to prepare the budget.
The budgetary implication of this decision is USD 301.2 million in the 2013 operating expenses budget.