Page:United States Statutes at Large Volume 104 Part 5.djvu/312

 104 STAT. 3634 PUBLIC LAW 101-624—NOV. 28, 1990 rencies (including for local currencies on credit terms) for use under this title. Such program shall be implemented by the Secretary. "(b) GENERAL AUTHORITY.— To carry out the policies and accomplish the objectives described in section 2, the Secretary may negotiate and execute agreements with developing countries to finance the sale and exportation of agricultural commodities to such countries. 7 USC 1702. "SEC. 102. ELIGIBLE COUNTRIES. "(a) IN GENERAL.— A country shall be considered to be a developing country and eligible for assistance under this title if such country has a shortajge of foreign exchange earnings and has dif- ficulty meeting all of its food needs through commercial channels, as determined by the Secretary. \ "(b) PRIORITY.—In determining whethe;r and to what extent agricultural commodities will be made available to developing countries under this title, the Secretary shall give priority to developing countries that— "(1) demonstrate the greatest need for food; "(2) are undertaking measures for economic development purposes to improve food security and agricultural development, alleviate poverty, and promote broad-based equitable and sustainable development; and "(3) have the demonstrated potential to become commercial markets for competitively priced United States agricultural commodities. 7 USC 1703. "SEC. 103. TERMS AND CONDITIONS OF SALES. "(a) PAYMENT.— "(1) DOLLARS.— Except as provided in paragraph (2), sigreements under this title shall require that payment for agricultural commodities be made in dollars. "(2) LOCAL CURRENCIES. — "(A) IN GENERAL.—The Secretary may permit a recipient country to make payment under an agreement under this title in the local currency of such country in order to use the proceeds from such payments to carry out activities under section 104. "(B) RATES OF EXCHANGE.— Payments in local currency shall be at rates of exchange that are no less favorable than the highest exchange rate legally obtainable in the country and that are no less favorable than the highest exchange rate obtainable by any other country. "(b) INTEREST.— Such agreements shall provide that interest accrue on the payment deferred under such agreement at a concessional rate as determined appropriate by the Secretary. "(c) DURATION. —Pajnnents required under such agreements may be made in reasonable annual amounts over the period (not less than 10 nor more than 30 years from the date of the last delivery of commodities in each year under such agreement) specified in the agreement. "(d) DEFERRAL OF PAYMENTS. —The Secretary may defer the date on which the recipient country is required to begin making pay- ment, under such agreements, for a period of not in excess of 7 years after the date of the last delivery of commodities in each year under the agreement, and interest shall be computed from the date of such last delivery.

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