Local Currency

Local Currency Sec. 519. (a) Upon a determination by the Director that it will further the purpose of this Act, not to exceed $10,000,000 of the funds made available pursuant to section 203 of this Act and not to exceed $25,000,000 of funds made available pursuant to section 302 of this Act may be advanced to countries covered by said sections in return for equivalent amounts of the currency of such countries being made 65 Stat. 384 available to meet local currency needs of the aid programs in such countries pursuant to agreements made in advance with the United States: Provided, That except when otherwise prescribed by the Director as necessary to the effective accomplishment of the aid programs in such countries, all funds so advanced shall be held under procedures set out in such agreements until used to pay for goods and services approved by the United States or until repaid to the United States for reimbursement to the appropriation from which drawn. (b) In order to assist in carrying out the provisions of the Economic Cooperation Act of 1948, as amended, not to exceed $50,000,000 of funds made available under the authority of this Act for assistance pursuant to the provisions of the Economic Cooperation Act of 1948, as amended (22 U. S. C. 1501–1522), may be used to acquire local currency for the purpose of increasing the production of materials in which the United States is deficient.