global financial crisis

global financial crisisSec. 1105. (a) In General.—Of the funds appropriated in this title under the heading “Economic Support Fund”, not more than $255,601,000 may be made available for assistance for vulnerable populations in developing countries severely affected by the global financial crisis that—(1) have a 2007 per capita Gross National Income of $3,705 or less;(2) have seen a contraction in predicted growth rates of 2 percent or more since 2007; and123 STAT. 1899(3) demonstrate consistent improvement on the democracy and governance indicators as measured by the Millennium Challenge Corporation 2009 Country Scorebook.(b) Transfer Authorities.—Of the funds appropriated in this title under the heading “Economic Support Fund” for developing countries impacted by the global financial crisis—(1) up to $29,000,000 may be transferred and merged with “Development Credit Authority”, for the cost of direct loans and loan guarantees notwithstanding the dollar limitations in such account on transfers to the account and the principal amount of loans made or guaranteed with respect to any single country or borrower: Provided, That such transferred funds may be available to subsidize total loan principal, any portion of which is to be guaranteed, of up to $2,000,000,000: Provided further, That the authority provided by the previous proviso is in addition to authority provided under the heading “Development Credit Authority” in Public Law 111–8: Provided further, That up to $1,500,000 may be for administrative expenses to carry out credit programs administered by the United States Agency for International Development; and(2) up to $20,000,000 may be transferred to, and merged with, “Overseas Private Investment Corporation Program Account”: Provided, That the authority provided in this paragraph is in addition to authority provided in section 7081 in Public Law 111–8.(c) Reprogramming Authority.—Notwithstanding any other provision of law, funds appropriated under the heading “Millennium Challenge Corporation” (MCC) in prior Acts making appropriations for the Department of State, foreign operations, and related programs may be made available for programs and activities to assist vulnerable populations severely affected by the global financial crisis in a country that has signed a compact with the MCC or has been designated by the MCC as a threshold country: Provided, That such a modification of a compact or threshold program by the MCC should be made, if practicable, prior to making available additional assistance for such purposes: Provided further, That the MCC shall consult with the Committees on Appropriations prior to exercising the authority of this subsection.(d) Report.—The Secretary of State, in consultation with the Administrator of the United States Agency for International Development (USAID), shall submit a spending plan not later than 45 days after the date of enactment of this Act to the Committees on Appropriations, and prior to the initial obligation of funds appropriated for countries impacted by the global economic crisis, detailing the use of all funds on a country-by-country, and project-by-project basis: Provided, That for each project, the report shall include (1) the projected long-term economic impact of providing such funds; (2) the name of the entity or implementing organization to which funds are being provided; (3) whether funds will be provided as a direct cash transfer to a local or national government entity; and (4) an assessment of whether USAID has reviewed its existing programs in such country to determine reprogramming opportunities to increase assistance for vulnerable populations: Provided further, That funds transferred to the Development Credit Authority and the Overseas Private Investment Corporation are subject to the reporting requirements in section 1104.123 STAT. 1900