Following the discussion, the Board decided to:

(d) Approve the amount of US $754,760 for the budget to cover the costs of the operations of the Adaptation Fund Board and Secretariat over the period of January 1 to June 30, 2009, as contained in Annex VII to the present report;

(e) Note the amount of US $398,370 to cover the costs of the Adaptation Fund Board Manager for two years already approved in the 2008 budget;

(f) Note that the Adaptation Fund Board Manager had taken up her duties on February 23, 2009; 

(g) Consider that the amount of US $ 700,000 represented an outstanding debt to the Least Developed Countries Fund (LDCF);

(h) Authorize the Trustee to repay the loan in paragraph (g) above, subject to the availability of funds from the initial monetization of CERs; 

(i) Consider that the amounts contributed by the Governments of Australia and the United Kingdom of Great Britain and Northern Ireland, and by the United Nations Environment Programme represent an outstanding debt; and

(j) Authorize the Trustee to repay the loans in paragraph (i) above or transfer the corresponding funds to other trust funds, according to donor decision, and subject to the availability of funds from the initial monetization of CERs.