Page:United States Statutes at Large Volume 123.djvu/892

 123STA T .87 2 PUBLIC LA W 111 – 8 —M A R .11, 2 0 0 9(C)establi s h b y a gr ee m e n t w ith that g ov ernment the res p onsibilities o f the U nite dS tates A gen c y for I nter - national D evelopment and that government to monitor and acco u nt for deposits into and disbursements from the sepa- rate account . ( 2 )U SE S OFL O CA LC UR RE N C I ES. — As may be agreed upon with the foreign government , local currencies deposited in a separate account pursuant to subsection (a), or an e q uivalent amount of local currencies, shall be used only— (A) to carry out chapter 1 or1 0 of part I or chapter 4 of part II (as the case may be), for such purposes as— (i) pro j ect and sector assistance activities or (ii) debt and deficit financing; or ( B ) for the administrative requirements of the United States G overnment. ( 3 ) P RO G RA M MING ACCOUN T A B ILIT Y .— T he United States Agency for International Development shall ta k e all necessary steps to ensure that the equivalent of the local currencies disbursed pursuant 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 P ROGRAMS.—Upon termi- nation 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 ) R EPORTING RE Q UIREMENT.—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 Government as authori z ed 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. (b) SEPARATE ACCOUNTS FOR CAS H TRANSFERS.— (1) If assistance is made available to the government of a foreign country, under chapter 1 or 10 of part I or chapter 4ofpartIIofthe F oreign Assistance Act of 1 96 1, as cash transfer assistance or as nonproject sector assistance, that country shall be required to maintain such funds in a separate account and not commingle them with any other funds. (2) APPLICABILITY OF OTHER PRO V ISIONS OF LA W .—Such funds may be obligated and e x pended notwithstanding provi- sions of law which are inconsistent with the nature of this assistance including provisions which are referenced in the J oint E xplanatory Statement of the Committee of Conference accompanying H ouse Joint Resolution 64 8 (House Report N o. 98 – 1159). (3) NOTIFICATION.—At least 15 days prior to obligating any such cash transfer or nonproject sector assistance, the President shall submit a notification through the regular notification procedures of the Committees on Appropriations, which shall include a detailed description of how the funds proposed to be made available will be used, with a discussion Deadlin e .Pr e s iden t .