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NSIAD-84-76 1 (1984-04-10)

handle is hein.gao/gaobabemg0001 and id is 1 raw text is: REPORT BY THE US. General Accounting Office Foreign Currency Purchases Can Be Reduced Through Greater Use Of Currency Use Payments Under Public Law 480 Commodity Sales Agreements Local currencies payable to the United States for com- modities provided under Public Law 480 sales agreements with developing countries have not been collected on a timely basis. These currencies were partial payments under otherwise long-term, dollar-repayable credits Be- cause amounts owed the United States were not available when needed, U S missions purchased the equivalent of $29 million in local currencies between October 1981 and September 1983 to meet current obligations in several countries. Subsequent collections of the currencies may reduce future dollar puchases; if they remain uncollected their equivalent amounts are payable in dollars when the long-term credits become due. Timely collections of local currencies (1) aid the U S balance-of-payments position, (2) reduce Treasury bor- rowing requirements, and (3) provide receipts to finance Public Law480 program levels. GAO recommends actions to accomplish more timely collections of local currency payments and to promote greater consideration of cur- rency use payments as a source for needed currencies -3 123876 GAO/NSIAD-84-76 APRIL 10, 1984 wt'-(Lj 0 - -

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