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22 U.S.C. § 285jUnited States Special Resources

submitted 54 years ago by Pub. L. 89-369 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 284 words · no verdicts yet

in plain englishAI-generated · not legal advice

The United States Special Resources fund high-priority development projects, mostly in Southeast Asia. The Bank can only use this money for flexible loans and technical-assistance credits. Borrowers must repay the Bank in U.S. dollars.

(a) Development projects and programs: The United States Special Resources pay for important development projects in developing member countries of the Bank, especially in Southeast Asia. (b) Authorized uses: The Bank may use the Special Resources only for two things: (1) making development loans with more flexible terms that put less strain on a country's balance of payments than the Bank's regular loans; and (2) giving technical-assistance credits that must be paid back. (c) Eligible goods and services: (1) The Bank may spend the Special Resources only to buy goods made in the United States or services from the United States. The one exception: the U.S. Governor, after talking with the National Advisory Council on International Monetary and Financial Policies, may allow purchases in other member countries if he decides this would clearly help the Bank meet its special-funds goals and would fit with the United States' international financial position. (2) The Special Resources may also pay administrative costs tied to using the Special Resources, but only for costs not already covered by the Bank's service fee or by income earned from the Special Resources. (d) Repayment in dollars: Every project or program the Bank finances with the Special Resources must be paid back to the Bank by the borrowers in U.S. dollars.
the actual law source: uscode.house.gov ↗public domain
(a) Development projects and programs

The United States Special Resources shall be used to finance specific high priority development projects and programs in developing member countries of the Bank with emphasis on such projects and programs in the Southeast Asia region.

(b) Authorized uses

The United States Special Resources shall be used by the Bank only for—

(1)

making development loans on terms which may be more flexible and bear less heavily on the balance of payments than those established by the Bank for its ordinary operations; and

(2)

providing technical assistance credits on a reimbursable basis.

(c) Eligible goods and services
(1)

The United States Special Resources may be expended by the Bank only for procurement in the United States of goods produced in, or services supplied from the United States, except that the United States Governor, in consultation with the National Advisory Council on International Monetary and Financial Policies, may allow eligibility for procurement in other member countries from the United States Special Resources if he determines that such procurement eligibility would materially improve the ability of the Bank to carry out the objectives of its special funds resources and would be compatible with the international financial position of the United States.

(2)

The United States Special Resources may be used to pay for administrative expenses arising from the use of the United States Special Resources, but only to the extent such expenses are not covered from the Bank’s service fee or income from use of United States Special Resources.

(d) Repayment in dollars

All financing of programs and projects by the Bank from the United States Special Resources shall be repayable to the Bank by the borrowers in United States dollars.

Source credit: (Pub. L. 89–369, § 13, as added Pub. L. 92–245, § 1, Mar. 10, 1972, 86 Stat. 57.)

history & why it existsrecord from the source credit
  • 1972Enacted · Pub. L. 89-369 · 86 Stat. 57

A history note hasn’t been published yet. The record shows enactment by Pub. L. 89-369 on 1972-03-10.

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