application of food for development proceeds to repayment obligations

application of food for development proceeds to repayment obligations Sec. 203. Section 305 of the Agricultural Trade Development and Assistance Act of 1954 is amended— (1) by inserting “(a)” immediately after “Sec. 305.”; and (2) by adding at the end thereof the following new subsection: “(b) Such disbursements shall be deemed to be payments with respect to the credit furnished pursuant to the agreement or if, in the case of a country on the United Nations Conference on Trade and Development list of relatively least developed countries, the disbursements in a fiscal year are greater than the amount of the annual repayment obligation which that country would have to meet for that fiscal year under the agreement but for the disbursements in accordance with the Food for Development Program, then the disbursements which are in excess of the amount of that annual repayment obligation may, to the extent provided in the agreement, be considered as payments with respect to the annual repayment obligations of that country for that fiscal year under other financing agreements under this Act.”.