At its meeting in Songdo from 24 to 26 March 2015, the Board considered a proposed “Template for the Bilateral Agreement on Privileges and Immunities” prepared by the Secretariat. In this context, several members of the Board expressed concerns regarding the agreement, in particular, as there was a perception that the Fund was seeking more in terms of privileges and immunities than was applicable under the Convention on the Privileges and Immunities of the United Nations (General Convention) and the corresponding Convention on the Privileges and Immunities of the Specialized Agencies (CPISA).

In response to the concerns expressed by the Board, the template previously submitted to Board at the March meeting has been substantially revised and restructured. In this context, the Secretariat made every effort to engage with members of the Board and address their concerns. The revised template (the Template) in Annex II is modelled on the General Convention, which has been ratified by 161 parties.