Page:United States Statutes at Large Volume 62 Part 2.djvu/1144

 2432 Availability of sums for U. S. expenditures in Italy. 62 Stat., Pt. 1, p. 137. 62 Stat., Pt. 1, p 1054. Post, p. 2436. Italian withdrawals from Special Account. INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [62 STAT. the amount of the deposits made pursuant to the exchange ot notes referred to in Subparagraph (b). The Government of the United States of America shall from time to time notify the Government of Italy of the indicated dollar cost of any such comodities, services and technical information, and the Govern- ment of Italy will thereupon deposit in the Special Account a commensurate amount of lire computed at a rate of exchange which shall be the par value agreed at such time with the International Monetary Fund; provided that this agreed value is the. single rate applicable to the purchase of dollars for imports into Italy. If at the time of notification a par value for the lira is agreed with the Fund and there are one or more other rates applicable to the purchase of dollars for imports into Italy, or, if at the time of notification no par value for the lira is agreed with the Fund, the rate or rates for this particular purpose shall be mutually agreed upon between the Government of Italy and the Govern- ment of the United States of America. The Government of Italy may at any time make advance deposits in the Special Account which shall be credited against subsequent notifications pursuant to this paragraph. 3. The Government of the United States of America will from time to time notify the Government of Italy of its requirements for administrative expendi- tures in lire within Italy incident to operations under the Economic Cooperation Act ol 1948, and the Government of Italy will thereupon make such sums avail- able out of any balances in the Special Account in the manner requested by the Government of the United States of America in the notification. 4. Five percent of each deposit made pursuant to this Article in respect of assistance furnished under authority of the Foreign Aid Appropriation Act, 1948,[']shall be allocated to the use of the Government of the United States of America for its expenditures in Italy, and sums made available pursuant to paragraph three of this Article shall first be charged to the amounts allocated under this paragraph. 5. The Government of Italy will further make such sums of lire available out of any balances in the Special Account as may be required to cover costs (including port, storage, handlingeand similar charges) of transportation from any point of entry in Italy to the consignee's designated point of delivery in Italy of such relief supplies and packages as are referred to in Article VI. 6. The Government of Italy may draw upon any remaining balance in the Special Account for such purpose as may be agreed from time to time with the Government of the United States of America. In considering proposals put forward by the Government of Italy for drawings from the Special Account the Government of the United States of America will take into account the need for promoting or maintaining internal monetary and financial stabilization in Italy and for stimulating productive activity and international trade and the exploration for and development of new sources of wealth within Italy, inclu- ding in particular: (a) Expenditures upon projects or programs, including those which are part of a comprehensive program for the development of the productive capacity of Italy and the other participating countries, and projects or program the external costs of which are being covered by assistance rendered by the ' The correct year is 1949.

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