Page:United States Statutes at Large Volume 115 Part 3.djvu/74

 115 STAT. 2148 PUBLIC LAW 107-115^JAN. 10, 2002 President. Federal Register, publication. Notification. 22 USC 2362 note. (b) The President may waive the appHcation of subsection (a) to a country if the President determines that national security or humanitarian reasons justify such waiver. The President shall publish each waiver in the Federal Register and, at least 15 days before the waiver takes effect, shall notify the Committees on Appropriations of the waiver (including the justification for the waiver) in accordance with the regular notification procedures of the Committees on Appropriations. DEBT-FOR-DEVELOPMENT SEC. 528. In order to enhance the continued participation of nongovernmental organizations in economic assistance activities under the Foreign Assistance Act of 1961, including endowments, debt-for-development and debt-for-nature exchanges, a nongovernmental organization which is a grantee or contractor of the United States 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. 529. (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 United States 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 United States Agency for International Development and that government to monitor and account for deposits into and disbursements from the separate account. (2) USES OF LOCAL CURRENCIES. — As may be agreed upon with the foreign government, local currencies deposited in a separate account pursuant to subsection (a), or an equivalent amount of local currencies, shall be used only— (A) to carry out chapter 1 or 10 of part I or chapter 4 of part II (as the case may be), for such purposes as— (i) project and sector assistance activities; or (ii) debt and deficit financing; or (B) for the administrative requirements of the United States Government. (3) PROGRAMMING ACCOUNTABILITY. —The United States Agency for International Development shall take all necessary steps to

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