The IMO Assembly approved a budget of £ 39.531 million for the 2002–03 biennium, the same as the previous biennium. Contributions to the IMO budget are based on a formula that is different from that used in other agencies. The amount paid by each member state depends primarily on the tonnage of its merchant fleet. In 2000 the top ten contributors to the IMO budget (and the percentage of the total budget) were Panama 15.8%; Liberia 10.17%; Japan 5.23%; Bahamas 4.36%; Greece 4.32%; USA4.12%; Malta 3.96%; Cyprus 3.91%; Norway 3.86%; Singapore3.31%.
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