The U.N. General Assembly on Saturday approved a 5 percent decrease in the United Nations’ budget for 2012-2013 over the previous two-year period, only the second time in 50 years that the world body has slashed its spending.

U.N. Secretary-General Ban Ki-moon praised the 193-nation General Assembly for reducing costs at a time when governments around the world are cutting expenditures and implementing austerity measures in response to the global financial crisis.