UNITED NATIONS, Dec. 23 (Xinhuanet) --  UN member states on Friday reached a last-minute agreement on a 2006-2007 budget that includes a spending cap of 950 million U.S. dollars for 2006.

    The General Assembly's Fifth Committee is preparing an immediate formal meeting to approve the budget resolution, some UN diplomat told Xinhua Friday night on condition of anonymity.

    In accordance with the resolution, which states reached after months of intense talks, UN spending would initially be capped at 950 million dollars on a 3.8-billion-dollar two-year budget.

    The spending cap of 950 million dollars will be enough only forthe first six months of the year until UN Secretary-General Kofi Annan requests in May or June to release funding for the second half of 2006 on condition of enough reform having been adopted.

    The General Assembly will hold plenary meeting late Friday to take action on the recommendation of the Fifth Committee as soon as the committee adopts the budget resolution formally. Enditem