Liberia pays its 2010 contribution to IMO budget

11 March 2010

His Excellency Mr. Wesley M. Johnson, Ambassador of Liberia to the United Kingdom presented today (10 March 2010) a cheque for £2,457,663.65 to the Secretary-General of IMO, to settle in full the assessed budget contribution to the International Maritime Organization (IMO) of the Government of Liberia for 2010.

Mr. Johnson was accompanied by Mr. George M. Arku, Permanent Representative of Liberia to IMO and Mr. Stuart Williams, General Manager, Liberian International Ship and Corporate Registry.

IMO Secretary-General Efthimios E. Mitropoulos welcomed the presentation and said that the timely payment of assessments is essential for the Organization's financial wellbeing as it recognizes the critical contribution of the Organization's work programme to enhancing safety, security and environmental standards in the interests of the international maritime community and civil society at large.

Note: The annual assessed budget of IMO (of £27,748,500 for 2010) is distributed amongst the Organization's 169 Member States and three Associate Members on the basis of a contribution formula which, broadly speaking, apportions 85% of the budget to the gross tonnage of ships registered in each Member State, as recorded by IHS Fairplay, and 15% according to capacity to pay.

Liberia has the world’s second largest merchant fleet by gross tonnage under its flag and its contribution represents around eight per cent of the assessed budget for the Organization.

Source: IMO