UN reaches budget deal, ending reform impasse
(Reuter)
Updated: 2005-12-24 09:02

U.N. delegates said on Friday that wealthy and developing nations had bridged their differences and reached a last-minute agreement on a 2006 budget, ending an impasse over U.N. management reforms.

Under the deal, approved after months of arduous negotiations, U.N. spending would initially be capped at $950 million -- enough only for the first six months of the year -- until Secretary-General Kofi Annan concluded that enough management reforms had been adopted to release funding for the second half of 2006.