Pub. L. 83-118, ch. VII, sec. 708

Sec. 708. The remaining provisions of the Economic Cooperation Act of 1948, as amended (22 U. S. C. 1508–1519), are further amended as follows: (a) Term of guaranties.—Amend section 111 (b) (3) (relating to guaranties) by striking out “which guaranties shall terminate not later than fourteen years from the date of enactment of this Act”, and by inserting in lieu thereof “which guaranties shall be limited to terms not exceeding twenty years from the date of issuance”. (b) Counterpart loans.—Amend the last proviso of section 115 (b) (6) (relating to counterpart funds) to read as follows: “And provided further, That whenever funds from such special account are used by a country to make loans, all funds received in repayment of such loans prior to termination of assistance to such country shall be reused only for such purposes as shall have been agreed to between the country and the Government of the United States.” (c) Use of local currency.—Amend section 115 (h) by striking out “including” and inserting in lieu thereof the following: “and, without regard to section 1415 of the Supplemental Appropriations Act, 1953, for”.