each month is $US 100 million. For five months, the call account balances exceeded the monthly expenditures, In addition, UNDP keeps time deposits amounting to more than $US 1 billion. We therefore recommended shifting the excess funds to time deposits. Should short-term interest rates come close to overnight rates, it might prove even more efficient to keep extiess amounts of funds in longer-term deposits. The new guidelines should enable management to prevent an undesirable accumulation of funds on call accounts. The Administration agreed with the Board’s recommendation that the level of balances held in interest-bearing call accounts be reduced. It was, however, noted that such accounts were often used to hold funds penaing sale or investment and, as such, might occasionally reach higher levels. We expect that a considerable reduction of the level of balances in call accounts will materialize. Eiauiditv uosition of U&D-P 118. Our audit included a review of the liquidity position of UNDP as of 31 December 1989. The investment portfolio of UNDP is aged as followsl Thousands of United States dollars Percentaae Maturity less than half a year 924 187 81 Maturity less than one year 101 174 9 Maturity more than one year 113 750 10 - 1 139 111 100 - The total investments cover disbursements of approximately eight to nine months, not taking into consideration income received during that period. IO order to ensure consistent interest income and avoid unplanneble variances in interest ratios, the maturity of investments should be significantly increased. 119. The Administration agreed to a shift to longer-term maturities to the extent that it was consistent with the cash requirements of the organisation and to the benefit of UNDP. The total of investments cited included funds held for reserves and subsidiary programmes totalling $US 499.1 million. Consequently, the balance 
**Analysis**
The text appears to be discussing the financial management and investment strategies of the United Nations Development Programme (UNDP). It mentions the management of funds, interest rates, and the investment portfolio, suggesting that it is related to economic development or financial management. The text does not mention specific projects or activities that would fall under other categories.

**Category**
Economic development