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- 4 - in this case the processing of wheat into flour. This is the reason given by ECA for taking wheat alone, and being unable to take on other items, such as barley, corn, sugar, and lard. Export-Import Bank The Bank can proceed without any further formalities in the nature of an international agreement. The participation of Eximbank in the program of actual purchases of foodstuffs amounts to $5.7 million. This includes $2 million already authorized by the Bank for the purchase of the requirements of beans, dried eggs, and meat, and an additional $3.7 million for the financing of the urgently required amounts of barley, corn, and dried milk. This total of $5.7 million would come out of the third credit of $15 million extended by the Export-Import Bank to Yugoslavia. It is anticipated that about half of the remaining unallocated funds of the Bank would be required to finance the dollar freight costs for all of the emergency program and the other half to finance the urgent requirements of Yugoslavia in spare parts and equipment for the transport of the food supplies in deficitary areas. Department of Agriculture The Department of Agriculture has refused so far to consider a more liberal application of the statutory authority of the CCC to sell on credit and of its authority to use Section 32 funds (customs revenue proceeds) to finance any part of the required food shipments to Yugoslavia. The Department of Agriculture admits that it has the authority and that there are no statutory or legislative limitations to the use of the authority. It claims, however, that it is unable to change its policies and practices as they have been worked out to date as a result of consultations over a long period of

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Page context
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    "ocrText": "- 4 -\nin this case the processing of wheat into flour. This is the reason given by\nECA for taking wheat alone, and being unable to take on other items, such\nas barley, corn, sugar, and lard.\nExport-Import Bank\nThe Bank can proceed without any further formalities in the nature of\nan international agreement. The participation of Eximbank in the program\nof actual purchases of foodstuffs amounts to $5.7 million. This includes\n$2 million already authorized by the Bank for the purchase of the requirements\nof beans, dried eggs, and meat, and an additional $3.7 million for the\nfinancing of the urgently required amounts of barley, corn, and dried milk.\nThis total of $5.7 million would come out of the third credit of $15 million\nextended by the Export-Import Bank to Yugoslavia. It is anticipated that\nabout half of the remaining unallocated funds of the Bank would be required\nto finance the dollar freight costs for all of the emergency program and\nthe other half to finance the urgent requirements of Yugoslavia in spare\nparts and equipment for the transport of the food supplies in deficitary\nareas.\nDepartment of Agriculture\nThe Department of Agriculture has refused so far to consider a more\nliberal application of the statutory authority of the CCC to sell on credit\nand of its authority to use Section 32 funds (customs revenue proceeds) to\nfinance any part of the required food shipments to Yugoslavia. The Department\nof Agriculture admits that it has the authority and that there are no\nstatutory or legislative limitations to the use of the authority. It claims,\nhowever, that it is unable to change its policies and practices as they have\nbeen worked out to date as a result of consultations over a long period of"
}