COUNCIL HEARS WIDELY DIVERGENT PROGRESS REPORTS FROM ITS REGIONAL COMMISSIONS

Press Release
ECOSOC/5923

COUNCIL HEARS WIDELY DIVERGENT PROGRESS REPORTS FROM ITS REGIONAL COMMISSIONS

Technical assistance and advisory services should be undertaken as a matter of high priority for countries not yet belonging to the World Trade Organization (WTO), the Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP) told the Council this morning. As part of the general segment of its 2000 session, the Council was holding a dialogue with the Executive Secretaries of its five regional commissions.

The Asia and Pacific region had been seeing a healthy momentum in recovery after the Asian economic crisis of 1997, ESCAP’s Kim Hak-Su continued. Managing risks and seizing opportunities were the overarching challenges, but the region also faced challenges in capacity-building, good governance and democratization. It needed to resolve the question of why the region’s people remained mired in poverty despite overall economic and social progress.

The ESCAP needed to adapt to the economic, social and political imperatives of globalization, he said. It needed a better sense of teamwork to ensure that a higher standard of living came along with freedom and democracy. The WTO was critical for expanding trade, economic prosperity and balanced development in the region.

Exports had been the principal source of growth for the European region, the Executive Secretary of the Economic Commission for Europe, Danita Huber, told the Council. Strong import demand in Western Europe had boosted transition economy exports. The rate of economic expansion in the United States was beginning to slow, however. High levels of share prices and uncertainties over oil prices were also of concern. An upset to the economy of Western Europe would negatively affect the transition economies, where political instability, conflicts over sovereignty, lack of state power and weaknesses in the institutional structure hindered economic growth.

Also participating in the dialogue was Hazem El-Beblawi, Executive Secretary of the Economic and Social Commission for Western Asia (ESCWA). Among the priorities he listed for his region were the enhancing of interagency coordination, the boosting of programme delivery rates, and qualitative evaluation and fund-raising, especially of ESCWA trust finds.

In the region of the Economic Commission for Latin America and the Caribbean (ECLAC), countries as a whole were entering their third growth cycle of the last 10 years, said the Commission's Executive Secretary, Jose Antonio Ocampo. At the beginning of the new upswing phase, policies protecting domestic economies from the ravages of cyclical capital flows were introduced. ECLAC provided analyses of

Economic and Social Council - 1a - Press Release ECOSOC/5923 38th Meeting (AM) 25 July 2000

development and public policy making, technical assistance, specialized information and training.

The economic picture in Africa was mixed, said the Executive Secretary of the Economic Commission for Africa (ECA), Y.K. Amoaka. Africa’s economy had grown an estimated 3.2 per cent in 1999, far below the 7 per cent needed to make a dent in poverty. However, the best performers were those free from civil conflicts. Nearly all poor performers had suffered from conflicts and unrest, confirming that peace, stability and deepening reforms were necessary for development. Africa needed help with basic challenges constraining the initial conditions needed for developing, such as weak institutions of governance and unfavourable trade position.

Also this morning, Miklos Pinther, the Chief Cartographer of the Department of Public Information (DPI), introduced a Geographic Database developed by the United Nations Geographic Information Working Group.

The Council will meet again at 3 p.m. to continue the general segment of its 2000 substantive session with a further consideration of regional cooperation.

Economic and Social Council - 3 - Press Release ECOSOC/5923 38th Meeting (AM) 25 July 2000

Council Work Programme

The Economic and Social Council met this morning to continue its general segment and consider regional cooperation in the economic, social and related fields.

The Council had before it the following report of the Secretary-General and its related addenda: regional cooperation in the Economic, social and related fields (document E/2000/10); cooperation with other regional bodies (Add.1); trends and activities (Add.2); matters calling for action by the Economic and Social Council or brought to its attention (Add.3).

Also before the Council were reports on: summary of the Economic Survey of Europe, 1999 (document E/2000/11); summary of the Economic and Social Situation in Africa, 1999 (document E/2000/12); summary of the economic and social survey of Asia and the Pacific, 2000 (document E/2000/13); summary of the economic survey of Latin America and the Caribbean, 1999 (document E/2000/14); and summary of the survey of economic and social development in the Economic and Social Commission for Western Asia (ESCWA) region, 1999-2000 (document E/2000/15).

Regional cooperation in the economic, social and related fields

The report of the Secretary-General (document E/2000/10) updates the Council on actions undertaken by the regional commissions during the period under review with respect to the guidance given.

On the regional commissions, the report reviews under section I positive developments in linking the activities of those bodies more effectively with the overall activities of the Organization. Also under section I, the report reviews the role of the commissions as the regional expression of the United Nations and its involvement in and contribution to global events and debates. Activities of the commissions, in the context of trends and the most recent and relevant economic events, are reviewed briefly under section II. Section III, on interregional cooperation, reviews follow-up action to the world conferences of the 1990s from a regional perspective. It also reviews the intensified cooperation among the commissions. Section IV updates the Council on recent measures undertaken by the commissions for furthering their effectiveness and efficiency.

Section V contains the report of the Executive Secretaries, which includes a summary update of their views on the new international financial architecture, as well as their views on globalization, regionalism and development. The Executive Secretaries also outline proposals for strengthening policy dialogue at the global level between the Council and the regional commissions.

Addenda to the report of the Secretary-General

A review of the regional commissions' cooperation with other non-United Nations regional bodies is contained in addendum 1 to the report of the Secretary- General on regional cooperation in the Economic, social and related fields. A review of selected activities implemented during the period between the Council's substantive sessions of 1999 and 2000 is contained in addendum 2. Resolutions and decisions adopted by the regional commissions during the period under review that require either the action or the attention of the Council are contained in addendum 3.

Resolutions contained in Section A of Addendum 3, on the Economic and Social Commission for Asia and the Pacific (ESCAP)

By the terms of Draft resolution I, the Council would approve the recommendation by ESCAP that Georgia be included in the geographical scope of that Commission, and be admitted as a member of it.

By the terms of draft resolution II, the Council would proclaim 2000-2009 as the Decade of Greater Mekong Subregion Development Cooperation, in order to draw the attention of the international community to the intensification of socio- economic development in that subregion and to encourage support for it.

By the terms of draft resolution III, the Council would endorse the recommendations of the Second Ministerial Conference on Space Applications for Sustainable Development in Asia and the Pacific, held in New Delhi in November 1999. It would also endorse the Delhi Declaration on Space Technology Applications in Asia, and the Pacific for Improved Quality of Life in the New Millennium, and the Strategy and Action Plan on Space Technology Applications for Sustainable Development in Asia and the Pacific for the New Millennium. The Council would also call for the early implementation of the Delhi Declaration, the Strategy and Action Plan, and other recommendations of the Second Ministerial Conference.

Resolutions contained in Section B of Addendum 3, on Economic Commission for Latin America and the Caribbean (ECLAC)

By the terms of draft resolution I, the Council would approve the proposal to establish, as one of the subsidiary bodies of ECLAC, the Statistical Conference of the Americas ECLAC as set forth in the annex to the resolution. One of the objectives of the Conference is the development and improvement of national statistics work to ensure that they are internationally comparable. By the terms of draft resolution II, the Council would approve the holding of the twenty-ninth session of ECLAC during the first half of 2002.

Summary of the Economic Survey of Europe, 1999

According to the summary (document E/2000/11) by mid-1999, economic growth in Western Europe received a strong boost from exports to the rest of the world, and by the third quarter gross domestic product (GDP) was rising at its highest annual rate since before the Asian crisis. In the transition economies of Central Europe, the worst effects of the Russian crisis were receding in the second half of 1999, and those economies were starting to benefit from the revival of domestic demand in Western Europe. In the Russian Federation, there was a significant recovery in output for the first time in a decade. That had had a positive effect on most other members of the Commonwealth of Independent States (CIS).

After a much better than expected outcome in 1999, growth is also likely to continue in the Russian Federation and the other CIS countries, although here the prospects are much more problematic and uncertain. The summary states that it is, however, important to stress two points. First, there is always a distribution of risk surrounding any forecast. Although the present report assumes that the balance is now more favourable for growth in Europe, this does not mean that the downside risks are negligible. The possibility of a crash in overvalued equity prices in the United States is a serious risk to the current outlook, and there are uncertainties over the course of oil prices and of monetary policy in the European Monetary Union (EMU).

Secondly, not all the economies of the region enjoy the same prospects, and there are especially large differences among the transition economies. In particular, much of South-east Europe is still beset by severe structural problems and the consequences of several armed conflicts, which have made the process of transition to a market economy much more difficult than in Central Europe. The fact is, continues the report, that for the past decade, these countries have continued to fall farther behind both Western and Central Europe instead of catching up. The slight improvements in the short-run outlook for many of them in 2000 will do little to alter this situation, which poses a constant, if unpredictable, threat to economic and political stability in the European region as a whole.

Summary of the Economic and Social Situation in Africa, 1999

The summary, based on the Economic Report on Africa 2000, reviews the economic and social conditions prevalent in Africa at the dawn of the twenty-first century. Focusing first on the economic performance of the continent and its subregions, it then identifies a set of initial conditions from which policy implications are derived. It finally puts forward a set of indices to measure the long-term sustainability and macroeconomic performance of the African economies.

Addressing the initial conditions for development, the report states that Africa is the poorest and least developed region of the world, the most technologically backward, the most indebted, and the most ravaged by civil conflicts. Any attempt to relocate the region on a dynamic, shock-resistant, poverty-reducing growth trajectory needs to take into account the constraints imposed by income, poverty and inequality, economic structure, investment, institutions of governance and the state of human capital.

The report goes on to say that one of the most important determinants of long-run growth is investment. Africa is still undercapitalized, given its growth requirements. The required investment to enable a GDP growth rate of 7 per cent per annum for the whole continent is about 33 per cent of GDP, compared to a current investment rate of about 20 per cent. War and civil conflicts have also affected 61 per cent of the African population since 1963.

According to the report, perhaps the most important challenge is the critical role that African governments will have to play in ensuring that the region will achieve the social and economic transformation required for development in the next millennium. They will be required to manage the rules and regulations that govern the functioning of a market economy. To ensure an even playing field, Governments must effectively and equitably monitor and enforce the rules and regulations. Strengthened administrative and managerial capacities in the public sector will allow them to provide the necessary leadership and help the development of the private sector.

The report states that the Economic Sustainability Index (ESI) is a comprehensive indicator of economic sustainability that measures an economy's capacity to produce outcomes consistent with long-term structural change on a regular basis. The ESI scores reveal that the sustainability of African countries is low. Only a fifth of the continent's population lives in economically sustainable countries, while half of Africa's population resides in countries with low degrees of sustainability.

Summary of the survey of developments in the Economic and Social Commission for Western Asia (ESCWA) region, 1999-2000

According to the report (document E/2000/15), economic growth accelerated in the region in 1999, specifically during the second half of the year. The factor that enhanced economic growth most in 1999, greatly improving the outlook for the year 2000 for the majority of ESCWA members, was the sharp rebound in oil prices and revenues, which began in March and continued through the end of 1999. Along with the higher oil prices and revenues, the most important factors affecting economic growth in the Gulf Cooperation Council (GCC) countries in 1999 included oil production cutbacks, fiscal and monetary policies and economic diversification and reform.

According to the report, all GCC countries benefited considerably from higher oil prices and revenues. The GCC countries that were more diversified and had already implemented notable economic and structural reforms registered the highest rate of economic growth within the group in 1999.

Summary of Economic Survey of Latin America and the Caribbean, 1999

According to the report (document A/2000/13), the international financial crisis continued to dominate economic trends in the Economic Commission for Latin America and the Caribbean (ECLAC) region for the second year in a row. The year, however, closed on a positive note in terms of projections for the near future, with the United States economy continuing to grow at a fairly rapid pace, with Europe's economy growing as well, and Japan and the rest of Asia making a recovery.

The report states that conditions in international financial markets are becoming more favourable for the countries of the region, and commodity prices are starting to rebound, indicating that the situation will improve in almost all of the region's countries during the year 2000. The ECLAC projections put the growth rate for the region as a whole at 3.7 per cent.

Summary of the Economic and Social Survey of Asia and the Pacific, 2000

The report (document E/2000/13) states that recent developments in the economy of the ESCAP region show a resurgence of growth in an environment of substantially improved macroeconomic stability. The improved growth performance has been broad-based, cutting across all subregions with the exception of South and South-West Asia, and pulling up the average growth rate of the developing countries of the ESCAP region from nearly 0 in 1998 to 5.6 per cent in 1999. The major contribution to this dramatic upturn has come from the economies of East and South-East Asia that were hit by the crisis. Although downside risks exist, prospects for the further strengthening of regional growth in the immediate future are optimistic.

The report goes on to say that the recent economic and financial crisis in several Asian countries sparked worldwide interest in the reform of the international financial system. The call for improved surveillance and early warning systems is an integral part of the overall response.

Statements

DANUTA HUBNER, Executive Secretary of the Economic Commission for Europe, said the outlook for the Commission was better than in any previous decade. Europe might experience the highest economic growth since 1988. Exports had been the principal source of growth. Strong import demand from Western Europe had boosted transition economy exports and commodity exports. In many cases, however, the current high rates of growth simply reflected a recovery from a very low base. Nevertheless, short-term forecasts had been steadily revised upwards. The largest revision to the forecast was for the Russian Federation, where a five per cent growth of Gross Domestic Product (GDP) was forecast.

One concern was that the rate of economic expansion in the United States was beginning to slow down. High levels of share prices and uncertainties over the price of oil were other concerns. Any upset to the outlook for Western Europe would have a negative effect on the outlook for the transition economies. In the economic transition process, persistent political instability, unsolved questions of sovereignty, lack of state power and weakness of institutions hindered economic recovery. The main key to a solution was the attainment of sustainable growth and the promotion of entrepreneurship.

The Economic Commission for Europe had continued its work in the development of normative instruments, thereby fostering regional cooperation, facilitating economic integration and promoting policy convergence. Efforts had been undertaken to strengthen the cross-sectoral approach in the area of norms and standards setting, with the involvement of partner institutions.

In the field of statistics, cooperation had continued with the International Monetary Fund (IMF), Eurostat, the Organization for Economic Cooperation and Development (OECD) and other organizations, for setting standards and coordinating statistical activities in the framework of the Conference of European Statisticians. Investments had been made in data collection and databases, in order to make good quality data available throughout the United Nations system and to member countries.

The United Nations Centre for Trade Facilitation and Electronic Business had continued to intensify its work. It had approved a new Recommendation No. 31 -– an Electronic Commerce Agreement -- that provided the legal framework for Internet Commerce. The Commission was committed to putting more emphasis on facilitating implementation of already-adopted standards. Over the past year, it had pursued its technical assistance activities aimed at supporting the effective implementation of the Commission norms and standards in countries with transition economies, as well as technical activities facilitating the legislative changes required in countries applying for European Union membership.

A large part of the Economic Commission for Europe's operational activities had been concentrated in two regions which lagged behind in terms of economic development: Southeast Europe and Central Asia. For the countries of Southeast Europe, the Commission had provided technical expertise and other support to projects in specific fields, such as border crossing facilitation and interconnection of electric power systems.

Last year had been a year of further progress in integrating cross-sectoral concerns into the activities of the Commission's principal subsidiary bodies, she said, with particularly important breakthroughs in transport and environment. It had carried out a number of activities based on a multi-stakeholder approach, in particular with the non-governmental organization (NGO community and the private sector. It had also significantly strengthened its relationship with the European Commission, the Organization for Security and Cooperation in Europe and the Council of Europe.

HAZEM EL-BEBLAWI, Executive Secretary of the Economic and Social Commission for Western Asia (ESCWA), said there were a number of priorities for his region. They included the enhancing of interagency coordination at the start of programmes, the boosting of programme delivery rates, initiating qualitative evaluation of programme performance and fund-raising to support output, especially of ESCWA trust funds.

Of particular interest, he continued, was the qualitative evaluation conducted at the end of 1999 on both programme outputs and regional advisory services. A self-evaluation exercise of five thematic sub-programmes had also been carried out with the involvement of government focal points and the private sector. A consultant was now devising a comprehensive evaluation system to measure impact rather than merely output. After consultation with ESCWA’s substantive divisions, a training workshop would be conducted and an evaluation plan for ESCWA would be developed.

Describing cooperative steps ESCWA had taken to respond better to the region’s needs, he his Commission had developed a project to translate the decisions of Regional Hearings into concrete actions. It was a three-tiered plan of action which began in February with a regional brainstorming session that set out three major issues pivotal for ESCWA. The first was the relationship between the triad of energy, water and technology. The second was the relationship between culture and development. The third was the importance of institutions to development. A conference would be held to discuss the results of studies on those three themes, and priority areas would be set out for ESCWA’s future work.

KIM HAK-SU, Under-Secretary-General of the United Nations and Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP), said his region had been seeing a healthy growth momentum since the Asian economic and financial crisis of 1997. Economic recovery had been more rapid than anticipated a year ago, with countries such as the Republic of Korea and Thailand leading the way. The strong performance of the United States economy and upturns in the European Union and Japan had contributed to the rapid turnaround. Domestically, fiscal stimuli and improved production conditions had provided the momentum, especially through exports.

He said the events of the last three years had underscored the need for economic and financial surveillance and monitoring and for developing an early warning system to deal with adverse impacts of financial market volatility. Regional and subregional modalities had to be considered. For the region, managing risks and seizing opportunities were the overarching challenges. The World Trade Organization (WTO) was critical for expanding trade, economic prosperity and balanced development within the region. Since a number of developing countries were not yet members of the WTO, technical assistance and advisory services should be undertaken for them as a matter of high priority.

Overall, the region was faced with challenges in the areas of capacity- building, good governance and democratization, he concluded. The ESCAP needed to adapt to the economic, social and political imperatives of globalization. It needed to resolve the question of why the vast majority of people in Asia and the Pacific remained mired in poverty despite the spread of democratic values and despite overall economic and social progress. The ESCAP needed a better sense of teamwork all around to create the environment where freedom and democracy brought about higher living standards.

JOSE ANTONIO OCAMPO, Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), said that in 2000, Latin America and the Caribbean had gradually recovered from the recession that had hit in the last half of 1998. Projections put growth of output at about 4 per cent. That performance would be accompanied by an average inflation rate of around 10 per cent and by a slightly improved situation in the labour market.

That relatively optimistic outlook stemmed from the reversal of the international economic trends in the area of trade and financial flows. A moderate expansion of external financial flows to Latin America and the Caribbean was expected. Overall, capital flows should reach some 3 to 3.5 per cent of GDP in 2000, compared to 2.8 per cent the year before, he said.

From the perspective of the region as a whole, the countries were entering their third growth cycle of the last 10 years, he said. At the beginning of the new upswing phase, consideration should be given to the introduction of policies designed to protect domestic economies from the worst ravages of “procyclical” capital flows.

The ECLAC had continued its collaboration with countries in the region through the delivery of its programme of work, which combined normative activities aimed at analyzing development and public policy making, and operational activities in the form of technical assistance, specialized information and training. One of the most relevant products offered was the document: “Equity, development and citizenship”, which put forward a proposal for addressing the equity challenge in the region. It raised the need to seek closer complementarities between equity, competitiveness and citizenship. Economic requirements were: a more stable macro-economy; more dynamic and comprehensive restructuring; reduction of regulatory shortcomings in public services; and consolidation of spaces for sustainable development.

The ECLAC continued supporting Member States in the implementation of their hemispheric integration commitments. The lower incidence of natural disasters allowed for updating socio-economic impact assessment activities and designing a methodology to promote natural disaster mitigation and risk reduction.

He said that ECLAC had continued to pay special attention to the development of computer systems to allow access to users, without third-party support, to the annual and short-term statistical databases of ECLAC and to technical documents. Continuing with the efforts to improve inter-agency coordination, ECLAC had organized the Second United Nations Inter-agency Coordination Meeting for the Latin American and Caribbean region. The Regional Directors of 12 organizations had attended the meeting, reaching several agreements in relation to joint activities and information exchanges, particularly regarding the Caribbean subregion, he said.

K.Y. AMOAKA, Executive Secretary of the Economic Commission for Africa (ECA), said Africa’s economy had grown an estimated 3.2 per cent in 1999, barely improving on the previous year’s 3.1 per cent. In its fifth year of economic recovery, Africa had shown no negative growth in its GDP during 1999. Also, the best performers on the continent had benefited from the cessation of civil wars and from increased stability, along with sustained economic and political reforms. Nearly all the poor performers had suffered from conflicts and unrest, confirming that peace, stability and deepening reforms were necessary for development.

Despite that positive story, he continued, economic growth remained far below the 7 per cent level needed to make a dent on Africa’s poverty. Reducing poverty and expanding the rate of growth depended on managing a number of basic challenges that acted as constraints on the initial conditions needed for developing. Those had to do with the inadequate level of human development, evidenced by low education and health indicators, inadequate physical infrastructure, an unfavourable trade position, indebtedness, weak institutions of governance, conflicts and a high prevalence of HIV/AIDS.

The imperative for the United Nations’ partnership with Africa was for Member States to help the continent in its quest for sustainable peace and a reduction in poverty, a vision articulated in the framework of the Special Initiative on Africa launched in 1996 and reinforced by the Secretary-General. The challenge in Africa was to translate vision into action, through better coordination and development of synergies along the existing framework.

The United Nations agencies considered those issues in their annual regional consultations, he said. Last month, the second annual regional consultation for the African region had been held in Addis Ababa. Twenty-two agencies and the Bretton Woods institutions had participated. Agreement had been reached on a number of modalities for increasing coherence of efforts, including the need to continue focusing on support for sustainable peace and poverty reduction, by ensuring that country programmes were guided by the most basic requirements of investing in people, improving governance and preventing conflict. Other points of agreement concerned the deepening of collaborative action on health, education, governance, water and information technology, leveraging collective efforts at the country-level, and streamlining reporting requirements.

Reporting on activities of the African Development Forum (ADF), a new initiative launched by the ECA in 1999, he said one major outcome had been consensus on a broad policy thrust for the development of information technology in Africa. Agreements had concerned concrete proposals for implementation. A post-forum summit for endorsement by the highest levels of African leadership was being organized. The second ADF would be held in October. It would explore a system-wide response to the AIDS development challenge.

Questions and Answers

Ms. HUBNER, addressing a question about the regional commissions’ involvement in the preparatory process for the Second World Assembly on Ageing in Madrid in 2002, said the European regional commission had felt left aside in the preparatory process. It needed the process to allow the commission to provide regional input for the Madrid debate. The Economic Commission for Europe had had initial talks with the Government of Malta for staging a preparatory conference. The interests of the five regions were different on the issue, and the European region was the most affected.

Mr. OCAMPO, addressing comments on regional integration programmes, said those programmes were important for ECLAC. Especially among MERCOSUR countries, there was a growing interest in matters relating to macroeconomic issues. The ECLAC had entered into an agreement with the European Union to study measures to backstop macroeconomic processes. There were new areas that had to be covered by integration processes, for instance promoting the physical integration project for South America. Defence against competitiveness should also be taken up.

The ECLAC would like to be actively involved in the preparatory process for the World Assembly on Ageing. In 1999 it had organized a world conference on regional topics in Santiago. The question of ageing had been taken up as a priority in South America.

Mr. AMOAKO, addressing a question on the role of the ECA in regards to the HIV/AIDS crisis in Africa, said that the pandemic threatened all gains made in the region and imposed severe social and economic problems. The African Development Forum, to be held in October in Addis Ababa, was a very powerful tool to focus on the HIV/AIDS issue. The ECA was working with the United Nations system in preparing for the conference. It was also working on country profiles for each African country, which would be discussed in Addis Ababa. The theme for those discussion would be the leadership challenge. Leadership at all levels; government, churches and civil society, had to be mobilized. The United Nations system should take the issue on as a multi-sectoral challenge.

On the issue of ageing, Africa had a different perspective, he said. It was compounded by the HIV issue. According to some indications, one-half of males aged 15 would not survive.. People between 40 and 60 for the first time outnumber younger groups. The ageing issue would therefore have a different dimension.

Mr. KIM said that ESCAP would be actively involved in the preparatory process for the World Assembly on Ageing. There would be a conference on the subject in Macao. Japan and the Republic of Korea in particular were very concerned with the ageing trend.

MIKLOS PINHTER, Chief Cartographer of the Department of Public Information (DPI), introduced the work of the United Nations Geographic Information Working Group, which had developed a Geographic Database that made possible the exchange of geographic information within the United Nations. He said the facility for such an information exchange had been developed as a matter of priority for over 50 years, since the vast majority of decisions at the United Nations were based on geographic information and its exchange. Information technologies had enabled compilation of the Database. It would require the continued support of both the Council and Member States to keep it updated and funded.