Foreign Assistance Loan Funds Appropriated by Continuing Resolution

GAO was asked for its opinion on two questions arising under a Joint Resolution making further continuing appropriations for fiscal year 1980 and for other purposes. The questions were whether funds appropriated for foreign economic assistance loans are available beyond the end of fiscal year 1980, and whether the limitation on the percentage of an appropriation which can be obligated in the final month of availability contained in the fiscal year 1979 appropriation act for foreign assistance, applies to funds appropriated by the current continuing resolution. In response, GAO stated that: (1) foreign assistance loan funds appropriated by the continuing resolution are available until September 30, 1981, since the specific designation of a 2-year period of availability of loan funds in the continuing resolution is an exception to the general provision in the resolution that all funds appropriated are available for only 1 year; and (2) the limit on the final month obligations that no more than 15 percent of the amount of the appropriation may be obligated or reserved during the last month of availability applies to foreign assistance funds appropriated for fiscal year 1980 by the continuing resolution.