PARIS: The United Nations’ cultural agency plans to cut costs and launch an emergency fund to raise cash after a vote to grant the Palestinians full membership led to a cutoff in vital U.S. and Israeli funding, its director general said Wednesday.

UNESCO’s Irina Bokova said the organization, which promotes global education and press freedom among other tasks, has a $65 million shortfall in its 2011 budget.

“We will strongly [push for] the reform process and make every possible saving and look at reducing our administrative costs. It’s a good opportunity to continue the reform of the organization,” Bokova told reporters at her headquarters in central Paris.

The United Nations Educational Scientific and Cultural Organization was plunged into financial crisis in October when Washington cut off its 22 percent support following the Palestinian vote.

U.S. legislation prohibits funding to any U.N. agency that grants full membership to any group that does not have “internationally recognized attributes” of statehood.

Bokova, who took her post two years ago, said UNESCO had received hundreds of letters of support, including some with donations.

“We will launch an emergency fund … we will do this fund to [collect] contributions from governments, the private sector, citizens and philanthropists,” Bokova said, adding that she would only tap debt markets as a last resort.

When asked whether any other UNESCO members such as wealthy Gulf Arab states – which backed the Palestinian bid for membership – had offered to make up the immediate cash flow issues, Bokova replied no.

“I have to deal with the imminent problem to review our activities by the end of the year and then of course we will reach out, but has somebody approached us? No,” she said.