Page:United States Statutes at Large Volume 99 Part 2.djvu/365

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PUBLIC LAW 99-198—DEC. 23, 1985

99 STAT. 1475

"(d) Sales for foreign currencies for use under section 108 under 7 USC 1708 agreements entered into under this title shall be made on such terms and conditions as are specified in such agreements.". 7 USC 1704. (d) Section 103 of such Act (7 U.S.C. 1703) is amended— (1) by inserting ", in section 108," after "section 104" in subsection (b); (2) by striking out "for dollars on credit terms" in the last sentence of subsection (d); (3) in subsection (m)— (A) by inserting "except as provided in section 108," after (m); (B) by striking out the semicolon and inserting in lieu thereof a period; and (C) by adding at the end thereof the following: "In carry- President of U.S. ing out this subsection, the President shall require that foreign currencies to be used under section 108 that are acquired under an agreement for the sale of commodities be convertible to dollars during the period beginning 10 years after the date of the last delivery of such commodities and ending 30 years after the date of such delivery. Such agreement for sale shall establish a schedule for such conversion but need not specify the exchange rate for such conversion;"; (4) by striking out "for dollars on credit terms" and "for cash dollars" in subsection (n); (5) by striking out "Take" in subsection (o) and inserting in lieu thereof "take"; (6) by striking out "Assure convertibility" in subsection (p) and inserting in lieu thereof "except as provided in section 108, assure convertibility"; and (7) by striking out "Assure convertibility" in subsection (q) and inserting in lieu thereof "except as provided in section 108, assure convertibility". (e) The first sentence of section 105 of such Act (7 U.S.C. 1705) is amended by striking out "section 104" and inserting in lieu thereof "sections 104 and 108". (0 Section 106(a) of such Act (7 U.S.C. 1706(a)) is amended by adding at the end thereof the following new paragraph: "(3) Payment for sales made for foreign currencies that are to be used under section 108 under an agreement entered into under this title shall be made on such terms as are specified in such agreement.". (g) Section 106(b) of such Act is amended by adding at the end thereof the following new paragraph: "(4)(A) Notwithstanding any other provision of this subsection, agreements under this title for the sale of agricultural commodities for dollars on credit terms may provide that proceeds from the sale of the commodities in the recipient country shall be used for such private sector development activities as are mutually agreed upon by the United States and the recipient government. "(B) Proceeds used for private sector development activities pursu- Loans. ant to this paragraph shall be deposited in jointly programmed Corporations. accounts to be loaned by the recipient government to one or more Prohibition. financial intermediaries operating within the country for use by those financial intermediaries for loans to private individuals, private and voluntary organizations, corporations, cooperatives, and other entities within such country. In the case of a cooperative or

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