123STA T . 33 5 5 PUBLIC LA W 111 – 11 7—DE C.1 6, 2 0 0 9theIn te r n a t io na lF inan c e C or p oration , the Inter -Am erican D e v elop- ment B an k , the International M onetar y F u n d , theA s ian Develop- ment Bank, the Inter-American Investment Corporation, the N orth American Development Bank, the E uropean Bank f or R econstruc- tion and Development, the African Development Bank, and the African Development Fund to use the voice and vote of the U nited S tates to oppose any assistance b y these institutions, usin g funds appropriated or made available pursuant to titles III through V I of this Act, for the production or e x traction of any commodity or mineral for export, if it is in surplus on w orld markets and if the assistance will cause substantial in j ury to United States producers of the same, similar, or competing commodity .SEPAR A T EA C C OUN TS SEC. 702 7. ( a ) SEPARATE ACCOUNTS F OR L OCA L CURRENC I ES. — ( 1 ) If assistance is furnished to the government of a foreign country under chapters 1 and 10 of part I or chapter 4 of part II of the Foreign Assistance Act of 1 96 1 under agreements which result in the generation of local currencies of that country, the Administrator of the United States Agency for International Development (USAID) shall— (A) re q uire that local currencies be deposited in a separate account established by that government
(B) enter into an agreement with that government which sets forth— (i) the amount of the local currencies to be gen- erated; and (ii) the terms and conditions under which the cur- rencies so deposited may be utili z ed, consistent with this section; and (C) establish by agreement with that government the responsibilities of USAID and that government to monitor and account for deposits into and disbursements from the separate account. (2) USES OF LOCAL CURRENCIES.—As may be agreed upon with the foreign government, local currencies deposited in a separate account pursuant to subsection (a), or an equivalent amount of local currencies, shall be used only— (A) to carry out chapter 1 or 10 of part I or chapter 4 of part II of the Foreign Assistance Act of 1961 (as the case may be), for such purposes as— (i) project and sector assistance activities; or (ii) debt and deficit financing; or (B) for the administrative requirements of the United States G overnment. ( 3 ) P RO G RA M MING ACCOUNTA B ILIT Y .—USAID shall take all necessary steps to ensure that the equivalent of the local cur- rencies disbursed pursuant to subsection (a)(2)(A) from the separate account established pursuant to subsection (a)(1) are used for the purposes agreed upon pursuant to subsection (a)(2). (4) T ERMINATION OF ASSISTANCE PROGRAMS.—Upon termi- nation of assistance to a country under chapter 1 or 10 of part I or chapter 4 of part II of the Foreign Assistance Act of 1961 (as the case may be), any unencumbered balances of funds which remain in a separate account established pursu- ant to subsection (a) shall be disposed of for such purposes 2 2 USC 2 36 2 note.
