The 193 UN member countries, after a series of negotiations, have agreed to cut the global body's budget only for the second time in the past 50 years.
An accord struck yesterday saw the 2012-13 budget set at 5.15 billion dollar, down from 5.41 billion dollar in 2010-11.
The United States and crisis-stricken European countries had fought for cuts while developing countries had demanded spending be kept up.
US negotiator Joseph Torsella called the budget a historic agreement and said this accord is the first time since 1998 and only the second time in the last 50 years.
