Page:United States Statutes at Large Volume 118.djvu/3033

 118 STAT. 3003 PUBLIC LAW 108–447—DEC. 8, 2004 notification procedures of the Committees on Appropriations, 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 Adminis trator 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 cur rencies 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 ensure that the equivalent of the local currencies disbursed pursu ant to subsection (a)(2)(A) from the separate account established pursuant to subsection (a)(1) are used for the purposes agreed upon pursuant to subsection (a)(2). (4) TERMINATION OF ASSISTANCE PROGRAMS.—Upon termination of assistance to a country under chapter 1 or 10 of part I or chapter 4 of part II (as the case may be), any unencumbered balances of funds which remain in a separate account established pursuant to subsection (a) shall be disposed of for such purposes as may be agreed to by the government of that country and the United States Government. (5) REPORTING REQUIREMENT.—The Administrator of the United States Agency for International Development shall report on an annual basis as part of the justification documents submitted to the Committees on Appropriations on the use of local currencies for the administrative requirements of the United States Govern ment as authorized in subsection (a)(2)(B), and such report shall include the amount of local currency (and United States dollar equivalent) used and/or to be used for such purpose in each applicable country. 22 USC 2362 note.

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