Federal · Title 7 — Agriculture
7 U.S.C. § 1727d: Local currency accounts
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local currencies are to be programmed for specific economic development purposes listed in section 1727e(a) of this title ; and 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. 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. 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.
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