Page:United States Statutes at Large Volume 99 Part 2.djvu/364

 99 STAT. 1474

PUBLIC LAW 99-198—DEC. 23, 1985

President of U.S. (j) Within 90 days after the end of each fiscal year in which an Report. agreement entered into with a country under this section is in effect, the President shall report to the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate on the status of such agreement and the progress being made to implement private, free enterprise agricultural policies for longterm agricultural development in such country. Effective date (k) TTiis section shall be effective during the period beginning October 1, 1985, and ending September 30, 1990. SALES FOR LOCAL CURRENCIES; PRIVATE ENTERPRISE PROMOTION

7 USC 1708.

Prohibition.

SEC. 1111, (a) The first sentence of section 2 of the Agricultural Trade Development and Assistance Act of 1954 (7 U.S.C. 1691) is amended by inserting "to use foreign currencies accruing under this Act to foster and encourage the development of private enterprise in developing countries; to enhance food security in developing countries through local food production;" after "agricultural production;". (b) The Congress finds that additional steps should be taken to use the agricultural abundance produced by American farmers— (1) to relieve hunger and promote long-term food security and economic development in developing countries in accordance with the development assistance policy established under section 102 of the Foreign Assistance Act of 1961 (22 U.S.C. 2151-1); and (2) to promote United States agricultural trade interests. (c) Section 101 of the Agricultural Trade Development and Assistance Act of 1954 (7 U.S.C. 1701) is amended to read as follows: "SEC. 101. (a) In order to carry out the policies and accomplish the objectives set forth in section 2 of this Act, the President is authorized to negotiate and carry out agreements with friendly countries to provide for the sale of agricultural commodities— "(1) for dollars on credit terms; ' "(2) to the extent that sales for dollars under the terms applicable to such sales are not possible, for foreign currencies on credit terms and on terms that permit conversion to dollars at the exchange rate applicable to the sales agreement; or "(3) for foreign currencies for use under section 108 on terms that permit conversion to dollars. "(b)(1) Except as provided in paragraph (2), for each of the fiscal years 1986 through 1990 sales for foreign currencies for use under section 108 under agreements entered into under this title shall be made at an annual level of not less than 10 percent of the aggregate value of all sales of agricultural commodities under this title. "(2) The President may reduce the minimum level of sales for foreign currencies required under paragraph (1) during any fiscal year in which the President determines that the level of agricultural commodities furnished under this title will be significantly reduced as a result of compliance with the requirement under paragraph (1;. "(c) Agreements for sales for foreign currency in a developing country for use under section 108 may not be entered into to the extent that such agreements would generate currency in amounts that cannot be productively used and absorbed in the private sector of such country.

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