Dick Lugar: “I am eager to speak today as an original sponsor of the legislation before the Senate. This bill is appropriate and a…”

“I am eager to speak today as an original sponsor of the legislation before the Senate. This bill is appropriate and a good first step toward comprehensive review of economic sanctions that is sorely needed for our Nation's economic security. First, the legislation is timely. Executive agencies have debated whether the Agriculture Department's export credit guarantees for Pakistan should be included in the Glenn Amendment prohibitions, or not. The Justice Department concluded the law did prohibit these guarantees. In fiscal year 1997, Pakistan bought $347 million worth of U.S. wheat with USDA's export credit guarantees. In fiscal year 1998, Pakistan was allocated $250 million in export credit guarantees and has used $162 million of that amount, all for wheat. On July 15, Pakistan will hold a tender for 350,000 metric tons of wheat. Without export credit guarantees, the United States will get none of that business. That will mean the loss of about $37 million in foreign exchange earnings.”