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B-146820 1 (1971-09-23)

handle is hein.gao/gaobaaffl0001 and id is 1 raw text is: UNITED STATES GENERAL ACC OFFICE WASHINGTON, D.C. 20548/ / . -. ' / INTERNATIONAL DIVISION SEP 23 7 B-146820 IIIIIIiilIIi /7 Dear Mr. Secretary: LM095516 Recently the Department of Agriculture and other members of the Interagency Staff Committee provided us with comments on a draft of a proposed report entitled OprRtunities to Reduce Costs and Maximize Balance of Payments Benefits Under Dollar Credit Sales of U.S. Agricultural Commodities Abroad. We have analyzed the information provided and have made addi- tional inquiries at the Department of Agriculture. On the basis of our analyses and inquiries, we believe that no additional value would be derived from proceeding with a formal report on the matters discussed in the draft. Our review, however, highlighted a need for better documen- tation of, and more information on, the major factors forming the basis for decisions on the terms and conditions for com- modity sales agreements with foreign governments. During our review we noted that certain sales agreements with Brazil, Korea, Jordan, and Afghanistan, signed during the period 1967 to 1969, did not require down payments in dol- lars or foreign currency as large as appeared to be feasible. Thus it appeared that the U.S. balance of payments did not benefit to the extent which otherwise would have been possible. However, from the comments received from the members of the Interagency Staff Committee and from discussions with Depart- ment of Agriculture officials, it appears that more stringent financial terms probably could not have been negotiated for these sales. Concessions in the Korean agreements apparently were necessary to counter more lenient offers by the Japanese. In the Brazilian agreements, concessions apparently were needed to protect the U.S. share of the wheat market against increased competition. Also U.S. officials believed that Afghanistan could not afford more stringent financial arrangements and that Jordan would agree only to terms as soft as those offered to Israel. BEST DOCUMENT AVAILABLE 50TH ANNIVERSARY 1921- 1971 - - - .

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