TeachMeFinance.com - explain Emerging Markets Program
Emerging Markets Program The term 'Emerging Markets Program' as it applies to the area of agriculture can be defined as 'A program originally authorized by the FACT Act of 1990, and titled the Emerging Democracies Program. The program was authorized to promote U.S. agricultural exports by providing technical assistance and credits or credit guarantees to emerging democracies annually for fiscal years 1991-95. Funds could be used to establish or provide facilities, services, or U.S. products to improve handling, marketing, storage, or distribution of imported agricultural products. The program initially focused on central and eastern Europe and the form Soviet Union. The FAIR Act of 1996 reauthorized the program through 2002 and renamed it the Emerging Markets Program. The program is retargeted to emerging markets (defined as countries that USDA determines have the potential to provide viable and significant markets for U.S. agricultural products). The law authorizes $10 million per year and the Commodity Credit Corporation must make available not less than $1 billion of direct credit or credit guarantees to emerging markets for fiscal years 1996-2002, in addition to the amounts authorized for GSM-102/103'.
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