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346. Memorandum From Acting Secretary of State Christopher to President Carter 1

[Omitted here is discussion unrelated to the Common Fund.]

7. Common Fund. Developed and developing country negotiators in Geneva are expected to adopt tonight articles of agreement for the Common Fund.2 The Fund will have two accounts: one to support international commodity stabilization agreements (such as the tin and rubber buffer stocks); and the second to back R&D-type commodity measures. The Common Fund will receive $470 million in assessed contributions, of which the U.S. share would be $73.85 million (15.7%). In addition, the second account would seek $280 million in voluntary contributions. We have said the U.S. will not make a pledge to this account for the foreseeable future.

The agreement will be opened for government signature in October. We have told Congressional leaders, however, that we will not seek ratification or an appropriation until there are an adequate number of commodity arrangements ready to associate with the Fund’s buffer stock account (which will probably not occur before FY 82).

[Omitted here is discussion unrelated to the Common Fund.]

  1. Source: Carter Library, National Security Affairs, Brzezinski Material, Subject File, Box 23, Evening Reports (State): 6/80. Secret. Carter initialed “C” at the top of the page.
  2. The initialing ceremony for the Common Fund articles of agreement took place on June 28. (Telegram 9018 from Geneva, June 28; National Archives, RG 59, Central Foreign Policy File, D800311–0290)