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Report on the activities of the sixth and seventh European Development Funds up to 31 December 1997. Official Journal C 349, 17 November 1998

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Report on the activities of the sixth and seventh European Development Funds Official Journal of the European Communities 14917.11.98 EN PART I Observations concerning activities under the sixth and seventh European Development Funds (*) CONTENTS Paragraph reference Implementation of the sixth and seventh EDFs up to 31 December 1997 1 Ð 7 Other observations 8 Ð 20 Introduction 8 Non-respect of procedures 9 Ð 13 Liquidated damages in case of delayed performance 14 Treasury management 15 Ð 20 Audit executed on risk capital operations financed from EDF resources 21 Ð 37 Introduction 21 Ð 26 Conduct of the audit 27 Ð 29 Conclusion 30 Ð 37 ————— (*) The Commission's replies are on page 157. IMPLEMENTATION OF THE SIXTH AND SEVENTH EDFS UP TO 31 DECEMBER 1997 1. The European Development Funds (EDFs) trace their origin back to international agreements drawn up between the Member States of the European Union and 71 African, Caribbean and Pacific (ACP) countries and to Council decisions relating to the association of 24 overseas countries and territories (OCTs). The Commission is responsible for the administration of the EDFs without prejudice to the European Invest- ment Bank's responsibilities for the administration of certain forms of aid. 2. In 1997 the sixth (1) and seventh EDFs (2) were being implemented concurrently because although, in principle, each one was limited to five years, there is no time-limit on the spending of the appropriations allocated. Only when the Commission considers that the implementation of a particular fund is nearing completion does it transfer the balance to a subsequent Fund. 3. Table I.1 shows the utilisation of the sixth and seventh EDFs as at 31 December 1997. For the financial year 1997, the payments amounted to 1 212,7 Mio ECU, whilst the net commitments reached 616,0 Mio ECU. The corresponding amounts for 1996 had been 1 317,4 Mio ECU and 964,9 Mio ECU respectively. Twelve years after it came into force, disbursements

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