PROGRESS REPORTED ON SEABED AUTHORITY FINANCING

27 August 1997

Press Release
SEA/1563

PROGRESS REPORTED ON SEABED AUTHORITY FINANCING

19970827 KINGSTON, 26 August -- The President of the Council of the International Seabed Authority, Lennox Ballah (Trinidad and Tobago), informed the Council at a brief meeting in Kingston this afternoon that significant progress had been made in the informal working group which has been meeting since last week to examine certain financial matters affecting the Authority.

The President said the proposed budget of the Authority for 1998 and the scale of assessments would be taken up by the Council when it met next at 3 p.m. tomorrow, 27 August. It would also take up again the matter of plans of work submitted by registered pioneer investors for exploration activities. Thus, the Council would probably finish its work tomorrow.

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