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The United Nations needs $1 billion to stabilize its financial situation as it undergoes reform, the undersecretary general for administration and management at the U.N. said July 29.

“We are approaching a very critical time (in our finances),” said Joseph Conner, noting that the organization is financing its regular budget by borrowing funds from the peacekeeping budget. The fund would be established through voluntary contributions from member states, Conner told a news conference at the Japan National Press Club.

The international body is promoting comprehensive reforms to meet the needs of a post-Cold War international community. Earlier this month, Secretary General Kofi Annan unveiled plans to overhaul the organization’s administrative and financial system.

Conner said that reform does not happen overnight, and that many of the measures will follow Annan’s initiative. He said that the organization is fragmented but needs to act with one voice to effectively promote reform.

The organization should promote efficiency and pursue results without growth in the budget, Conner said. “We are beginning to study how we can put in place results-oriented budgeting,” Conner said.

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