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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.

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