Decision ID: 000388

In October 1994 the 1971 Fund Executive Committee, after having considered the issues involved in a private session at which only the representatives of the 1971 Fund Member States were present, while convinced of the legal validity of the Fund’s position that the majority of claims had become time-barred, instucted the Director to enter into negotiations with all the parties concerned for the purpose of arriving at a global solution of all outstanding claims and issues. The Committee emphasised that its decision did not constitute a precedent, that any solution must respect certain conditions, that there should be a time limit for the negotiations and that any agreement relating to a global settlement would have to be approved by the Committee.