View all text of Subchapter II [§ 1701 - § 1715]
§ 1704. Use of local currency payment
(a) In general
(b) Special account
(c) Activities
The proceeds from the payments referred to in subsection (a) may be used in the appropriate developing country, through agreements with recipient governments, private voluntary organizations, and cooperatives, for the following:
(1) Agricultural development
To support—
(A) increased agricultural production, including availability of agricultural inputs, with emphasis on small farms, processing of agricultural commodities, forestry management, and land and water management;
(B) credit policies for private-sector agriculture development;
(C) establishment and expansion of institutions for basic and applied agricultural research and the use of such research through development of extension services;
(D) programs to control rodents, insects, weeds, and other animal or plant pests; and
(E) the improvement of the trade capacity of the recipient country.
(2) Agricultural business development loans
(3) Agricultural facilities loans
(4) Trade promotion
(5) Private sector agricultural trade development
(6) Research
(7) United States obligations
(8) Safe water and sanitation
(d) Fiscal requirements regarding use of local currencies
(1) Exemption
(2) Use of currencies by other agencies
(July 10, 1954, ch. 469, title I, § 104, 68 Stat. 456; Aug. 26, 1954, ch. 937, title V, § 544(h), (i), as added July 18, 1956, ch. 627, § 11(a), 70 Stat. 564, 565; amended Aug. 3, 1956, ch. 933, § 2, 70 Stat. 988; Pub. L. 85–128, § 1(4), Aug. 13, 1957, 71 Stat. 345; Aug. 26, 1954, ch. 937, title V, § 544(c), as added Pub. L. 85–141, § 11(b)(2), Aug. 14, 1957, 71 Stat. 365; Pub. L. 85–477, ch. V, § 502(l), June 30, 1958, 72 Stat. 275; Pub. L. 85–931, § 3, Sept. 6, 1958, 72 Stat. 1790; Pub. L. 86–108, ch. VII, § 701(d), July 24, 1959, 73 Stat. 258; Pub. L. 86–341, title I, §§ 4–9, Sept. 21, 1959, 73 Stat. 606, 607; Pub. L. 87–128, title II, § 201(3), Aug. 8, 1961, 75 Stat. 306; Pub. L. 87–195, pt. III, § 612(b), pt. IV, § 704, Sept. 4, 1961, 75 Stat. 443, 463; Pub. L. 87–839, § 2, Oct. 18, 1962, 76 Stat. 1074; Pub. L. 88–205, pt. III, § 301(d)(2), Dec. 16, 1963, 77 Stat. 386; Pub. L. 88–638, §§ 1(6)–(10), 2, Oct. 8, 1964,