During 1996–97, IFAD developed a strategy to streamline budget formulation. An internal reorganization made a considerable contribution to cost-effectiveness, reducing administrative costs by over 23% during the period 1993–97 (while the loan volume over the same period increased by approximately 20%). The approved budget for 2002 was US $41,722,000, including a contingency of US $165,000 plus a separate amount of US $141,000 for funding meetings of the Consultation to Review the Adequacy of the Resources Available to IFAD.
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