English: M. Peter McPherson was director Administrator of the United States Agency for International Development in 1981. At this ceremony in the White House Rose Garden he returned a check for $28 million to treasury. At this ceremony he said:

“Thank you, Mr. President. It's certainly very nice to be here. In keeping with your commitment to the American people to reduce waste and inefficiency, I'm happy to announce today our initial results at the Agency for International Development. These results will save millions of dollars for the American taxpayer. We've identified $28 million that we do not need to spend. These cuts come from projects from around the world. Some are from money which is being returned because local conditions have changed, some because of management problems, and some because of insufficient local government support.

Returning this money demonstrates that we will not hesitate to make changes in AID programs whenever they fall short of our expectations. Our reviews are not yet finished, but already we know there'll be millions of dollars additionally that we will return to the Treasury.

This effort is strongly supported by Secretary Haig, as evidenced by his presence here today. We hope to better serve you, Mr. President, and the American public by this effort.

Mr. President, I'd like to present to you our check for $28 million to be returned to the U.S. Treasury.” Remarks on Receiving Unspent Fiscal Year 1981 Funds From the Agency for International Development August 4, 1981. Reagan Library archives.