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the Act (country uses) are available without charge to appropriations under the terms of the law. Economic development grants under section 104(e) may be subject to appropriation; however, the President is authorized to waive this requirement. In Executive Order No. 11036, the President has further delegated this authority to the Secretary of State. Title I agreements rcache2 in 1965 set aside no currencies for foreign development grants. In all cases agencies must await the crediting of currencies to their accounts by the Treasury Department before incurring actual obligations. Table VI shows agencies responsible for each foreign currency use program. currncy se rogrrn.wise Exchange Rates Applicable to Title I Transactions Title 1, Public Law 480 agreements provide for the collection of local currencies at the rate for dollar exchange generally applicable to commercial import transactions. No special difficulty isencountered in applying the provision if a unitary rate is maintained by the recipient government. If more than one legal rate for foreign exchange transactions exists, mutual agreement as to the appropriate rate of exchange mnst be reached. Throughout the period covered by this report, the standard for determining deposit rates was section 101(f) of Public Law 480, which requires that the U.S. obtain rates of exchange applicable to the sale of commodities under such agreements which are not less favorable than the highest of exchange rates legally obtainable in the respective countries, and which are not less favorable than the highest of exchange rates obtainable by any other nation. Balance of Payments Benefit 'Whenever the United States is able to use foreign currency holdings for disbursements that would otherbe dollar transactions, a benefit to the national balance c payments position is realized. Most of the overseas activities of U.S. Government agencies listed in table VI fall into this category. Millions of dollars in direct benefits, and many longrange indirect ones, accrue in the operation of military and economic aid, support of market development mpojects, in U.S. overseas construction programs, in the wide variety of U.S.-sponsored scientific, cultural and educational projects, and in sales of foreign currencies to U.S. organizations and citizens. Table VII shows the total of such benefits for each year during the preceding decade. TABLE Vl.-Balance of payments benefit derived from the use of foreign currency acquired without purchase for dollars, fiscal years 1956-1965 (inmillions of dollar equivalents) 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 Foreign currency used under appropriations for U.S. programs I --------------------- 240.9 258.6 270.5 24.0.6 208.3 240.1 242.1 287.0 321.8 341.3 Foreign currency used not requiring appropriations for U.S. programs --------------- .6 21.5 25.6 33.5 37.2 20.0 15.5 3.9 11.7 11.9 Total foreign currency used for U.S. programs ------------------------ 241.5 280.1 296.1 274.1 245.5 260,1 257.6 290.9 333.5 353.1 Less currency used under special foreign currency appropriations--------------------------------------------------. 5 21.4 3 5 36.5 34.8 41.4 Balance of payments benefit derived from foreign currency usage 2...... 241.5 280.1 296.1 274.1 245.0 238.7 220.0 254.4 3 298.0 1 311.7 1Includes sales of foreign currency to U.S. personnel. - This assumes that programs other than those authorized by special foreign currency appropriations would have been carried on at the same level had there been no U.S. foreign currency holdings. 3 Includes S73.3 million resulting from the unfunding of certain accounts pursuant to sec. 508 of Public Law 88-257. 1 Includes S97.4 million resulting from the unfunding of certain accounts pursuant to sec. 508 of Public Law 119-299. 27
TABLE Vill.-Status of foreign currencies under title I, Public Law 480 Collections through Disburse- Agreement June 30, 1965 1 ments by Agreements amounts _ agencies through through June June 30, 1965 Sales Other 30, 1965 3 proceeds proceeds 2 Mil. dol. Mil. dol. Mil. do!. M il. dol. equivalent equivalent equivalent equivalent Afghanistan -- ---------------------------------------------- 1.0 --------------............... .1 Argentina -------------------------------------------------- Australia ------------------------------------------------- 30.5 30.5 .2 20.0 Austria---------------------------------------------------- 40.1 40.1 ------------- 41.5 Bolivia---------------------------------------------------- 30.8 23.1 .6 11.9 Brazil ---------------------------------------------------- 546.0 488.4 3.0 242.7 Burma ---------------------------------------------------- 48.4 45.8 5.0 217 Canada Cey!on _-----------------------------------------------------2 .. . ... . . .. . . . . . . . . . . . . . .2 6 .6 China------- )-........--_--...............................-87.6 China (Taiwan)--------------------------------------------- 207.7 26 .6 188.2 68.0 . . .6 6..7 5.6 2.3 242.6 13.7 1.. 156.2 55.2 Colombia -------------------------------------------------- Congo ---------------------------------------------------- Costa Rica------------------------------------------5 85.4 82.6 62.8 54.5 7.3 -------------- 53.3 28.0 Cyprus ----------------------------------------------- -----21 2.1 Denmark ---------------------------------- -------------------------------------- Ecuador--------------------------------------------------- 11.5 11.5 El Salvador----------------------------------------------------------------------------.4 1.0 11.41 Ethiopia --------------------------------------------------- . .8 Finland .......................................... France ---------------------------------------------------- 43.0 35.7 43.0 35.7 2.1 3.4 34.7 38.0 Germany -------------------------------------------------- 1.2 1.2 13.9 Ghana ............................................... 1 . .... 2..............1 Greece ---------------------------------------------------- Guatemala 127.8 127.8 11.1 .3 122.7 Guinea-------------------------------------------------------------- 2 - ------------- 122 Honduras Ho Kong 31.8.22.3 Hong-Kg-------------------------------------------------------------- -------------- -------------- Iceland------------- ----------------------------------- - 16.4 15.6 .6 India --------------------------------------------------- 3,032.4 2,481.9 75.9 Indonesia ------------------------------------------------- 292.3 292.3 1.7 1.2 3...... 15.0 1750.8 70.2 Iran ------------------------------------------------------ 62.4 57.8 1.7 48.7 Ireland------------------------------------------ Israel ---------------------------------------------------- 300.5 274.5 33.3 231.7 Italy ----------------------------------------------------- 144.2 144.2 2.7 148.6 Ivory Coast ------------------------------------------------ 3.8 3.1 -------------- 1.2 Jamaica Japan ---------------------------------------------------- 146.3 146.3 -------------- 154.1 . Jordan ...... Kenya _--- 3.0---------------------------- 3-0 -------------- -(5) . 3 Korea ---------------------------------------------------- 495.7 440.0 .7 410.0 Lebanon ------------------------------------------------------------- ---------------------------- 2.3 Liberia .. . . .. . . .. . . .. .) Luxembourg ------------------------------------- -------------------------------------- () , Malaysia . . . ... . .. .. .. . .. .. . ... . lxembourg --------------------------------------------------------- -------------- ------ ------- ( ° 1.8 Mali .. 6 28 (Continued-) 18
Page 1 and 2: owl. ------------ FOOD FOR PEACE 19
Page 3 and 4: This is a world problem. The stakes
Page 5 and 6: THE ANNUAL REPORT OF THE PRESIDENT
Page 7 and 8: 6 CON TENTS-Continued Purchase of g
Page 9 and 10: AGRICULTURAL TRADE DEVELOPMENT AND
Page 12 and 13: SUMMARY AND HIGHLIGHTS Increasing n
Page 14 and 15: TABLE I.-Authorizations: Titles I a
Page 16 and 17: A A " 9 I -4C tf
Page 18 and 19: ecipient governments can apply to e
Page 20 and 21: TABLE Ill.-Major commodity exports
Page 22 and 23: TITLE I SALES FOR FOREIGN CURRENCY
Page 24 and 25: 100 80 Shipments-by Commodity S..-W
Page 26 and 27: 600 400- The Relationship MILLIONS
Page 30 and 31: TABLE VII.-Status of foreign curren
Page 32 and 33: Status and Uses of Foreign Currency
Page 34 and 35: U.S. strawberriesscore a hit in Eur
Page 36 and 37: A British housewife samples America
Page 38 and 39: Utilization Research Awards of gran
Page 40 and 41: date, and ao budget requests have b
Page 42 and 43: Cooley loans of localcurrencies -.
Page 44 and 45: U.S. Information Agency Programs Si
Page 46 and 47: "Electricity in the Home, on the I'
Page 48 and 49: To assist in correcting inadequacie
Page 50 and 51: TABLE XV.-Loans for economic develo
Page 52 and 53: TABLE XV.-Programs administered by
Page 54 and 55: vided international travel for Amer
Page 56 and 57: During the reporting period the equ
Page 58 and 59: hybrid material resistant to diseas
Page 60 and 61: esearch, to conduct or attend semin
Page 62 and 63: translation of educational material
Page 64 and 65: India. Activities include the prepa
Page 66 and 67: (5-324 0 ----- In 1965for the first
Page 68 and 69: TABLE XXVI.-U.S. Government buildin
Page 70 and 71: Israel ($18,0OO).-New York Universi
Page 72 and 73: FOREIGN DONATIONS PROGRAMS American
Page 74 and 75: Dike construction in Korea. Self-he
Page 76 and 77: (A I El Salvador-Earthquake relief.
Page 78 and 79:
- Voluntary organization works prog
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'a Hog & feed grain production-Chej
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British Guiana-School feeding, mate
Page 84 and 85:
World Food Program The World Food P
Page 86 and 87:
Cambodia-Employing 3,000 workers --
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00 Indonesia-Rehabilitation after v
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Sudan-Afforestation-Bahr El Ghazal
Page 92 and 93:
Zambia-Training and maintenance of
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FOREIGN DONATIONS PROGRAMS These em
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During 1965, 2.4 billion pounds of
Page 98 and 99:
normally approved by a prompt cable
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A ,A These Chilean students are amo
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At a refugee camp inSouth Vietnam,
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to 18.9 million in the previous yea
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BARTER OPERATIONS emergency stockpi
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TABLE XXXV.-Value of materials, equ
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TITLE IV LONG-TERM DOLLAR CREDIT SA
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a solid food and agriculture base f
Page 114 and 115:
Countries buying commodities fff ti
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116 TITLE II.-FOREIGN DONATIONS Pur
Page 118 and 119:
Summary of 1965 Amendments Affectin
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TABLE 2.-Public Law 480 exports, qu
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.. TABLE 4.-Dollar value of commodi
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TABLE 4.-Dollar value of commoditie
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TABLE 5.-Dollar value of commoditie
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SBarley............................
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TABLE 7.-Approximate quantities of
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Page 134 and 135:
oBarley. C ri . Total..............
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TABLE 10.--Uses of foreign currency
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TABLE 11.-Uses of foreign currency
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TABLE 13.-Status of foreign currenc
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TABLE 15.-Title I, Public Law 480,
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TABLE 16.-Title II, Public Law 480,
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Page 148 and 149:
Page 150 and 151:
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
Page 158 and 159:
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Page 162 and 163:
Page 164 and 165:
Page 166 and 167:
TABLE 24.-Title III, Public Law 480
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Area and country TABLE 24.-Title II
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TABLE 25.-Title III, value of mater
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TABLE 26.-Title 1l1,materials, equi
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TABLE 26.-Title III, materials, equ
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TABLE 27.-Title III, value of agric
Page 178 and 179:
TABLE 29.-Dollar value of commoditi
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Page 184 and 185:
Page 186 and 187:
TABLE 3 3.-Approximate quantities o
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TABLE 3 4 .- Approximate quantities
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TABLE 36.-Title IV, Public Law 480,
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