ANNUAL REPORTS TO CONGRESS.

SEC. 1321. ANNUAL REPORTS TO CONGRESS. Not later than December 31, 2003, and not later than December 31 of each year thereafter, the President shall prepare and transmit to Congress a report concerning actions taken to implement this subtitle during the fiscal year preceding the fiscal year in which the report is transmitted. The report on a fiscal year shall include— (1) a description of the activities undertaken pursuant to this subtitle during the fiscal year; (2) a description of the nature and amounts of the loans reduced pursuant to this subtitle during the fiscal year; (3) a description of any agreement entered into under this subtitle; (4) a description of the progress during the fiscal year of any projects funded pursuant to this subtitle; (5) a summary of the results of relevant audits performed in the fiscal year; and (6) a certification, if appropriate, that the Russian Federation continued to meet the condition required by section 1317(a), and an explanation of why the certification was or was not made.