Page:United States Statutes at Large Volume 104 Part 5.djvu/321

 PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 3643 needs of children and mothers consistent with section 104(c)(2) of the Foreign Assistance Act of 1961 (22 U.S.C. 2151b(c)(2)), relating to the Child Survival Fund; or "(B) the development of emergency food reserves; or "(2) may be sold in such country by the government of the country or the Administrator (or their designees) as provided in the agreement, and the proceeds of such sale used in accordance with this title. "SEC. 305. LOCAL CURRENCY ACCOUNTS. "(a) RETENTION OF PROCEEDS. — To the extent determined to be appropriate by the Administrator, revenues generated from the sale, under section 304(2), of agricultural commodities provided under this title shall be deposited into a separate account (that may be interest bearing) in the recipient country to be disbursed for the benefit of such country in accordance with local currency agreements entered into between the recipient country and the Administrator. The Administrator may determine not to deposit such revenues in a separate account if— "(1) local currencies are to be programmed for specific economic development purposes listed in section 306(a); and "(2) the recipient country programs an equivalent amount of money for such purposes as specified in an agreement entered into by the Administrator and the recipient country. "(b) OWNERSHIP AND PROGRAMMING OF ACCOUNTS.—The proceeds of sales pursuant to section 304(2) shall be the property of the recipient country or the United States, as specified in the applicable agreement. Such proceeds shall be utilized for the benefit of the recipient country, shall be jointly programmed by the Administrator and the government of the recipient country, and shall be disbursed for the benefit of such country in accordance with local currency agreements between the Administrator and that government. "(c) OvERALX. DEVELOPMENT STRATEGY. —The Administrator shall consider the local currency proceeds as an integral part of the overall development strategy of the Agency for International Development and the recipient country. "SEC. 306. USE OF LOCAL CURRENCY PROCEEDS. "(a) IN GENERAL.—The local currency proceeds of sales pursuant to section 304(2) shall be used in the recipient country for specific economic development purposes, including— "(1) the promotion of specific policy reforms to improve food security and agricultural development within the country and to promote broad-based, equitable, and sustainable development; "(2) the establishment of development programs, projects, and activities that promote food security, alleviate hunger, improve nutrition, and promote family planning, maternal and child health care, oral rehydration therapy, and other child survival objectives consistent with section 104(c)(2) of the Foreign Assistance Act of 1961 (22 U.S.C. 2151b(c)(2)), relating to the Child Survival Fund; "(3) the promotion of increased access to food supplies through the encouragement of specific policies and programs designed to increase employment and incomes within the country; 7 USC 1727d. 7 USC 1727e. Nutrition. Family planni ng. Maternal and child health. 39-194O-91- 11:QL3Part5

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