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Office of the Press Secretary

For Immediate Release May 13, 1998


The Glenn Amendment mandates --

  1. Termination of bilateral assistance, except humanitarian items:

    $51.3M AID development assistance (FY98) $91M PL-480 (FY98)

  2. Termination of military sales and financing:

    $775,000 FMS, IMET (FY98)

  3. Termination of licenses for Munitions List items:

    $476 million (approved since 1994) $41 million (licenses approved CY97) $35 million (pending license requests)

  4. Termination of credit and guarantees by any USG agency or "instrumentality":

    $2M TDA grants (pending) $4B EX-IM guarantees (pending) $10.2B OPIC (potential insurance and financing) $20M Agric. Export Credit Guar. (potential)

  5. Oppose loans/guarantees in International Financial Institutions:

    $3.8B (upcoming IBRD, IDA, ADB loan approvals)

  6. Prohibit US bank loans or credit to the Government of India (except to purchase food or agricultural commodities):

    $1.98B current loan exposure

    (voluntarily reported; actual amount may be higher)

  7. Prohibit exports of specific goods and technology under the Export Administration Act (except for food, agricultural commodities, items related to Congressional oversight of intelligence activity):

    $12 million pending license requests. (CY 97 licenses

    totaled $151 million)

Note that the final numbers will depend on legal determinations as to the precise scope of the sanctions.