Audit of USAID/Egypt"s fiscal years 1989, 1990 and 1991 cash transfers : grants no. 263-K-619, 263-K-622 and 263-K-623

The transfers were to be used to purchase U.S. commodities, repay debt to the United States, and other purposes. USAID/E did not provide sufficient information to determine whether it performed required duties. However, based on the information available, no problem areas are evident. Cash transfer dollars were deposited at Citibank/Cairo in separate accounts and interest was credited to the accounts on a daily basis. All debt paid and commodities purchased met eligibility requirements. As of 7/31/91, from $396.5 million available, $277 million were used to repay P.L. 480 loans and commercial bank loans and $23.7 million to purchase corn.