Page:United States Statutes at Large Volume 92 Part 1.djvu/1003

 PUBLIC LAW 95-424—OCT. 6, 1978 " (b) For the purpose of promoting economic growth in these countries, the President is authorized and encouraged to make assistance under this chapter available on a grant basis to the maximiim extent that is consistent with the attainment of United States development objectives. "(c)(1) The Congress recognizes that the relatively least developed countries have virtually no access to private international capital markets. Insofar as possible, prior assistance terms should be consistent with present grant assistance terms for relatively least developed countries. Therefore, notwithstanding section 620(r) of this Act and section 321 of the International Development and Food Assistance Act of 1975 but subject to paragraph (2) of this subsection, the President on a case-by-case basis, taking into account the needs of the country for financial resources and the commitment of the country to the development objectives set forth in sections 101 and 102— "(A) may permit a relatively least developed country to place amounts, which would otherwise be paid to the United States as payments on principal or interest on liability incurred by that country under this part (or any predecessor legislation) into local currency accounts (in equivalent amounts of local currencies as determined by the official exchange rate for United States dollars) . for use by the relatively least developed country, with the concurrence of the Administrator of the agency primarily responsible ' for administering this part, for activities which are consistent with section 102; and "(B) may waive interest payments on liability incurred by a relatively least developed country under this part (or any predecessor legislation) if the President determines that that country would be unable to use for development purposes the equivalent amounts of local currencies which could be made available under subparagraph (A). "(2) The aggregate amount of interest waived and interest and principal paid into local currency accounts under this subsection in any fiscal year may not exceed the amount approved for such purpose in an Act appropriating funds to carry out this chapter for that fiscal year, which amount may not exceed the amount authorized to be so approved by the annual authorizing legislation for development assistance programs. "(3) !m exercising the authority granted by this subsection, the President should act in concert with other creditor countries. "(d) The President may on a case-by-case basis waive the requirement of section 110(a) for financial or 'in kind' contributions in the case of programs, projects, or activities in relatively least developed countries. "(e) Section 110(b) shall not apply with respect to grants to relatively least developed countries.". (2) The authority granted by section 124(c) of the Foreign Assistance Act of 1961 shall not become effective until October 1, 1979. (b)(1) Section 110(a) of such Act is amended by striking out "and except that" and all that follows through the end of the sentence and inserting in lieu thereof a period. (2) Section 110(b) of such Act is amended by striking out "Except" and all that follows through "no" and inserting in lieu thereof "No".

92 STAT. 949 Grants.

Grant assistance terms. 22 USC 2370. 22 USC 2220ia note. Ante, p. 937.

Waiver. 22 USC 2151h.

22 USC 2151v note. Ante, p. 948. 22 USC 2151h.

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