One of the mysteries of the English language finally explained.
A sum of money accrued in a local currency arising from goods or services received from abroad.
- ‘The money from these sales, called counterpart funds, remained in the local currency in a special account.’
- ‘All of the aid counterpart funds were available from the start of the year and any delays in aid projects were not due to lack of funding.’
- ‘They have put together one million US dollars in counterpart funds and are waiting for donors to contribute the remaining US $5 million that the studies will require.’
- ‘France and Italy used their counterpart funds to combat inflation and enforce budgetary restraint.’
- ‘As much as 60 per cent of the ERP counterpart funds were used for industry and infrastructures, while agriculture only received 29 per cent.’
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