Page:United States Statutes at Large Volume 114 Part 3.djvu/834

 114 STAT. 1900A-32 PUBLIC LAW 106-429—APPENDIX A PERU SEC. 530. (a) DETERMINATION.— Not later than 90 days after the date of the enactment of this Act, and every 90 days thereafter during fiscal year 2001, the Secretary of State shall determine and report to the Committees on Appropriations whether the Government of Peru has made substantial progress in creating the conditions for free and fair elections, and in respecting human rights, the rule of law, the independence and constitutional role of the judiciary and national congress, and freedom of expression and independent media. (b) PROHIBITION. —If the Secretary determines and reports pursuant to subsection (a) that the Government of Peru has not made substantial progress, no funds appropriated by this Act may be made available for assistance for the Central Government of Peru. (c) Of the funds appropriated by this Act, not less than $2,000,000 should be made available to support the work of nongovernmental organizations and the Organization of American States in promoting free and fair elections, democratic institutions, and human rights in Peru. DEBT-FOR-DEVELOPMENT SEC. 531. In order to enhance the continued participation of nongovernmental organizations in economic Eissistance activities under the Foreign ^sistance Act of 1961, including endowments, debt-for-development and debt-for-nature exchanges, a nongovernmental organization which is a grantee or contractor of the Agency for International Development may place in interest bearing accounts funds made available under this Act or prior Acts or local currencies which accrue to that organization as a result of economic assistance provided under title II of this Act and any interest earned on such investment shall be used for the purpose for which the assistance was provided to that organization. SEPARATE ACCOUNTS SEC. 532. (a) SEPARATE ACCOUNTS FOR LOCAL CURRENCIES.— (1) If assistance is furnished to the government of a foreign country under chapters 1 and 10 of part I or chapter 4 of part II of the Foreign Assistance Act of 1961 under agreements which result in the generation of local currencies of that country, the Administrator of the Agency for International Development shall— (A) require that local currencies be deposited in a separate account established by that government; (B) enter into an agreement with that government which sets forth— (i) the amount of the local currencies to be generated; and (ii) the terms and conditions under which the currencies so deposited may be utilized, consistent with this section; and (C) establish by agreement with that government the responsibilities of the A&eiicy for International Development and that government to monitor and account for deposite into and disbursements from the separate account.

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