Bahamas Joins Liberia, Pays 2010 Contribution to IMO Budget

Bahamas last week joined West African flag of convenience nation, Liberia to pay her statutory financial contributions into the coffers of the International Maritime Organisation (IMO).        
His Excellency Mr. Paul Farquharson, QPM, High Commissioner and Permanent Representative of the Commonwealth of the Bahamas to the International Maritime Organization presented a cheque for £1,377,596 to the Secretary-General of the International Maritime Organization (IMO), Mr Efthimios Mitropolus to settle in full the assessed budget contributions to IMO of the Government of the Bahamas for 2010.
Liberia made her payment about five weeks ago. The payment was made by Mr. Wesley M. Johnson, the Ambassador of Liberia to the United Kingdom who presented a cheque for £2,457,663.65 to the Secretary-General of IMO, Mr. Efthimios Mitropoulos in settlement of full the assessed budget contribution to the IMO by the Government of Liberia for 2010.
Liberia has the world’s second largest merchant fleet by gross tonnage under its flag and its contribution represents around eight per cent of the assessed budget for the Organization. 
As it was when Liberia made her payment, Mr. Farquharson was also accompanied by Commodore Davy F. Rolle, Managing Director and Chief Executive Officer, the Bahamas Maritime Authority and Ms Judith Francis, Maritime Attaché and Alternate Permanent Representative of the Commonwealth of the Bahamas to IMO.
The annual assessed budget of IMO (of £27,748,500 for 2010) is distributed amongst the Organization’s 169 Member States and three Associate Members on the basis of a contribution formula which, broadly speaking, apportions 85 per cent of the budget to the gross tonnage of ships registered in each Member State, as recorded by IHS Fairplay, and 15 per cent according to capacity to pay.
Bahamas has the world’s third largest merchant fleet by gross tonnage under its flag and its contribution represents around 4.9 per cent of the assessed budget for the Organization.
The IMO is yet to publish the full list of nation’s that have so far paid, but there are strong indications that Liberia is the only African member- nation that has so far met the obligation.