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ID-75-34 1 (1974-12-06)

handle is hein.gao/gaobaaavn0001 and id is 1 raw text is: ()61 COMPTROLLER GENERAL OF THE UNIT7ED STATES WASHINGTON. D.C. 205S8 Th-, Ilonorable Joshua Eilberg Ho0use of Representatives WIli i!111liitu111 LM096723 1 ,.u: Mr. I'iiberg,: Your letter of September 27, 1974, requested information on (1) the effect an agreement to supply 100, 000 tons of wheat to Lgyp % ill have on the wholesale and retaii prices of wheat and %%heat products in the United States and (2) whether or not this wheat \%ill be shippec in American-flag vessels. Moreover, because you expressed concern about th- cost of the agreement to the Aieiican people, we estimated the cost that die U.S. Government will bear. The Nsheat sale was arranged under the provisions of title If the Agricultural Trade Development and Assistance Act of l 54, as amended, 1Pblic Law 83-480, The agreement, signed on September 12, 19, ,, provides dollar credit financing on concessional terms for sale of wheat and wheat products valued at $17. 5 million. The terms are comparable to those in several recent title I sales agreements with other countries. The agreement includes the following terms: 1. Initial payment of 5 percent upon delivery onboard at the U.S. port. 2. The balance of the principal in 19 approximately equal annual installments beginning 2 years after date of last deliv. .y in each year. 3. Accrual of interest beginning on the date of last delivery in each calendar year at annual rates of 2 percent for 2 years and 3 percent for the remaining years. 4. Payment of accrued annual interest beginning one year from the date of last delivery in each calendar year. /V 7s-3 BI ST DOCUMENT AVAILABLE

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