THE UN Common Fund for Commodities has a problem that many would envy -- too much money. The Amsterdam-based body with 105 members has received $140 million in its first account, with the money earmarked for loans for buffer stock operations. However, the collapse of commodity agreements with economic clauses has left it with millions of dollars that it cannot use.

The interest alone exceeded $7 million last year, which is more than enough to pay for the secretariat plus a surplus that goes into a reserve fund.

The second account, reserved for financing community development projects, also is not strapped for cash. Only 11 projects worth a total of $9.3 million have been approved so far, though $73 million has been received in voluntary contributions from member states.