[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC1727d]
TITLE 7--AGRICULTURE
CHAPTER 41--AGRICULTURAL TRADE DEVELOPMENT AND ASSISTANCE
SUBCHAPTER III-A--FOOD FOR DEVELOPMENT
Sec. 1727d. Local currency accounts
(a) Retention of proceeds
To the extent determined to be appropriate by the Administrator,
revenues generated from the sale, under section 1727c(2) of this title,
of agricultural commodities provided under this subchapter shall be
deposited into a separate account (that may be interest bearing) in the
recipient country to be disbursed for the benefit of such country in
accordance with local currency agreements entered into between the
recipient country and the Administrator. The Administrator may determine
not to deposit such revenues in a separate account if--
(1) local currencies are to be programmed for specific economic
development purposes listed in section 1727e(a) of this title; and
(2) the recipient country programs an equivalent amount of money
for such purposes as specified in an agreement entered into by the
Administrator and the recipient country.
(b) Ownership and programming of accounts
The proceeds of sales pursuant to section 1727c(2) of this title
shall be the property of the recipient country or the United States, as
specified in the applicable agreement. Such proceeds shall be utilized
for the benefit of the recipient country, shall be jointly programmed by
the Administrator and the government of the recipient country, and shall
be disbursed for the benefit of such country in accordance with local
currency agreements between the Administrator and that government.
(c) Overall development strategy
The Administrator shall consider the local currency proceeds as an
integral part of the overall development strategy of the Agency for
International Development and the recipient country.
(July 10, 1954, ch. 469, title III, Sec. 305, as added Pub. L. 95-88,
title II, Sec. 211(a)(2), Aug. 3, 1977, 91 Stat. 550; amended Pub. L.
95-424, title II, Sec. 203, Oct. 6, 1978, 92 Stat. 955; Pub. L. 96-53,
title II, Secs. 204(b), 206, Aug. 14, 1979, 93 Stat. 369; Pub. L. 101-
624, title XV, Sec. 1512, Nov. 28, 1990, 104 Stat. 3643.)
