 This being a budget year, we had two sessions of the Program and Budget Committee, one in July and one in the week of September 11th. The Member States examined the Director-General's proposal for the Program and Budget for the 2018-19 biennium. The meetings concluded on a very positive note, recording very strong and widespread support for the proposed Program and Budget for the next biennium. A few open issues remain and these will be addressed in the upcoming WIPO Assemblies which will start on October 2nd. WIPO Director-General Francis Gurry opened both sessions with a comprehensive set of remarks, highlighting the key features of the proposed Program and Budget for the next biennium. Overall, the Member States engaged in a tireless and very constructive manner throughout the two sessions of the PBC. They reviewed progress towards the results set out for the current biennium. They also examined the financial statements for 2016 which reported a surplus of 32 million and also had an unqualified audit opinion from our external auditors. Proposals to improve the financial policies and financial regulations and rules were also examined and the Committee made positive recommendations on all of these agenda items to the Assemblies. The PBC sessions also saw a very healthy dialogue between the audit and oversight bodies and the Member States as well as a very thorough examination of a long-term capital master plan which will ensure that WIPO's premises are fit for purpose, our information systems are up to date and that we can serve WIPO stakeholders and the users of our global IP systems far better. The overall atmosphere was extremely positive. One of the difficult questions that the Member States addressed under the guidance of their Chair Maria Ines Rodriguez from Argentina was that of external offices but with her able guidance and chairpersonship she was able to have very constructive discussions on all topics including the external offices and this particular topic will be further discussed at the upcoming Assemblies.