Page:United States Statutes at Large Volume 82.djvu/1367

 82 STAT. ]

PUBLIC LAW 90-629-OCT. 22, 1968

1325

pursuant to this section are hereby authorized to be continued available by appropriations legislation to carry out this Act. (b) The aggregate total of credits^ or participations in credits, extended pursuant to this Act (excluding credits covered by guaranties issued pursuant to section 24(b)) and of the face amount of guaranties issued pursuant to sections 24(a) and (b) during the fiscal year 1969 shall not exceed $296,000,000. SEC. 32. PROHIBITION AGAINST CERTAIN MILITARY EXPORT F I N A N C ING BY EXPORT-IMPORT BANK.—Notwithstanding any other provision

of law, no funds or borrowing authority available to the ExportImport Bank of the United States shall be used by such Bank to participate in any extension of credit in connection with any agreement to sell defense articles and defense services entered into with any economically less developed country after June 30, 1968. SEC. 33. REGIONAL CEILINGS ON FOREIGN MILITARY SALES.— (a)

The

aggregate of the total amount of military assistance pursuant to the Foreign Assistance Act of 1961, as amended, of cash sales pursuant to sections 21 and 22, of credits, or participations in credits, financed pursuant to section 23 (excluding credits covered by guaranties issued pursuant to section 2 4 (b)), of the face amount of contracts of guaranty issued pursuant to sections 24(a) and (b), and of loans and sales in accordance with section 7307 of title 10, United States Code, shall, excluding training, not exceed $75,000,000 in the fiscal year 1969 for Laitin American countries. (b) The aggregate of the total amount of military assistance pursuant to the Foreign Assistance Act of 1961, as amended, of cash sales pursuant to sectionjs 21 and 22, of credits, or participations in credits, financed pursuant to section 23 (excluding credits covered by guaranties issued pursuant to section 2 4 (b)), and of the face amount of contracts of guaranty issued pursuant to sections 24(a) and (b) shall, excluding training, not exceed $40,000,000 in the fiscal year 1969 for African countries. (c) The President may waive the limitations of this section when he determines it to be important to the security of the United States, and promptly so reports to the Speaker of the House of Representatives and the Committee on Foreign Relations of the Senate.

75 Stat. 42422 USC 2151 note. Ante, p. 1323. Ante, p. 1324. 70A Stat. 452.

Report.

SEC. 34. FOREIGN MILITARY SALES CREDIT STANDARDS.—The President

shall establish standards and criteria for credit and guaranty transactions under sections 23 and 24 in accordance with the foreign, national security, and financial policies of the United States. SEC. 35. FOREIGN MILITARY SALES TO LESS DEVELOPED COUNTRIES.—

(a) When the President finds that any economically less developed country is diverting development assistance furnished pursuant to (he Foreign Assistance Act of 1961, as amended, or sales under the Agricultural Trade Development and Assistance Act of 1954, as amended, to military expenditures, or is diverting its own resources to 8068 Stat. 454; Stat. 1526. unnecessary military expenditures, to a degree which materially inter- 7 USC 1691 feres with its development, such country shall be immediately ineligi- "°** ble for further sales and guarantees under sections 21^ 22, 23, and 24, until the President is assured that such diversion will no longer take place, (b) The President shall transmit to the Speaker of the House Report. of Representatives and to the Committee on Foreign Relations of the Senate semianimal reports of sales, and guaranties, to economically less developed countries, under sections 21,22, 23, and 24, disclosing in detail the countries extended sales guaranties and credits and the terms and conditions of such sales, guaranties and credits; concurrently the President shall transmit semiannual reports of forecasts Report. of sales and of guaranty and credit applications and anticipated

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