Mutual Development and Cooperation Act

Mutual Development and Cooperation Act - Transfers the office and functions of the Agency for International Development to the Mutual Development and Cooperation Agency, which shall have the responsibility for coordinating all United States development-related activities.

Authorizes $300,000,000 annually for fiscal years 1974-75 to be appropriated to the President to furnish assistance to people living in rural overseas areas for agriculture, rural development, and nutrition. Authorizes appropriations of $150,000,000 annually for fiscal years 1974-75 for population planning and health; $115,000,000 annually for education, public administration, and human resource development; $93,000,000 annually to help solve social and economic development problems in fields such as transportation and power, industry, urban development and export development; and $60,000,000 annually to support the general economy of recipient countries or for development programs conducted by private or international organizations.

Authorizes appropriations of $20,000,000 annually for fiscal years 1974 and 1975 for technical cooperation and development grants under the Foreign Assistance Act. Authorizes appropriations for housing guaranties; the Overseas Private Investment Corporation; and the Alliance for Progress.

Directs the President, acting through the United Nations, to seek the establishment of a professionally qualified group to provide independent reviews and evaluations of the activities of the United Nations and its affiliated organizations, including the International Atomic Energy Agency. Authorizes appropriations for specified programs under the Foreign Assistance Act.

Requires the President to submit to Congress a report on the programming and obligations of foreign assistance relating to international narcotics control.

Authorizes the President to use up to $2,000,000 of specified appropriated funds to assist friendly countries in the procurement of technical assistance for developing: (1) natural resources of interest to the United States; (2) a favorable trade climate; and (3) markets for United States exports.

Establishes an international military education and training program. Enumerates the purposes of such program. Authorizes the President to provide such training and education by grant, contract or otherwise. Authorizes appropriations of $30,000,000 to carry out such purposes. Sets forth the definition of "military education and training" under this Act.

Provides that specified personnel serving the Agency for International Development shall become participants in the Foreign Service Retirement and Disability System. Requires the President to transmit specified reports to the Congress, specifying the content of such reports.

Empowers the President to furnish famine or disaster relief abroad on such terms and conditions as he may determine.

Directs the President to establish a system for coordination of United States policies and programs which affect U.S. interests in the development of low-income countries. Authorizes the establishment of a Development Coordination Committee to advise the President on coordination of policies and programs in developing countries, including bilateral and multilateral development assistance programs.

Requires the Secretary of Defense and Secretary of State to submit an annual report on the North Atlantic Treaty Military Organization.

Authorizes the President to furnish relief and reconstruction assistance to South Vietnam, Cambodia and Laos. Authorizes $632,000,000 for this purpose for fiscal year 1974. States that (1) $712,000 of such funds shall be allocated to the Center for Plastic and Reconstructive Surgery in Saigon; and (2) $5,000,000 of such funds for assistance to South Vietnamese Children.

Establishes the United States Export Development Credit Fund to provide extensions of credit and to refinance U.S. exporter credits, for the purpose of facilitating the sale of U.S. goods and services to the lowest income countries which advance their development. Sets forth provisions for the financing of such Fund.

Provides for the continuation of the Fund through December 31, 1977, and requires a detailed report semiannually on the Fund.

States that nothing in this section shall be construed as a limitation on the powers of the Export-Import Bank of the United States.

Prohibits the extension of credit under this section for defense articles or services.

Provides, under the Foreign Military Sales Act, that no sophisticated weapons shall be furnished to any foreign country which has violated agreements under such Act or under the Mutual Development and Cooperation Act.

Directs the President to seek a revision of the Social Progress Trust Fund Agreement between the United States and the Inter-American Development Bank.