§ 2430c. — Reduction of certain debt.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC2430c]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 32--FOREIGN ASSISTANCE
SUBCHAPTER III-A--ENTERPRISE FOR THE AMERICAS INITIATIVE
Sec. 2430c. Reduction of certain debt
(a) Authority to reduce debt
(1) Authority
The President may reduce the amount owed to the United States
(or any agency of the United States) that is outstanding as of
January 1, 1992, as a result of concessional loans made to an
eligible country by the United States under subchapter I of this
chapter, part IV of subchapter II of this chapter, or predecessor
foreign economic assistance legislation.
(2) Appropriations requirement
The authority provided by this section may be exercised only in
such amounts or to such extent as is provided in advance by
appropriations Acts.
(3) Certain prohibitions inapplicable
(A) A reduction of debt pursuant to this section shall not be
considered assistance for purposes of any provision of law limiting
assistance to a country.
(B) The authority of this section may be exercised
notwithstanding section 2370(r) of this title or section 321 of the
International Development and Food Assistance Act of 1975.
(b) Implementation of debt reduction
(1) In general
Any debt reduction pursuant to subsection (a) of this section
shall be accomplished at the direction of the Facility by the
exchange of a new obligation for obligations outstanding as of the
date specified in subsection (a)(1) of this section.
(2) Exchange of obligations
The Facility shall notify the agency primarily responsible for
administering subchapter I of this chapter of the agreement with an
eligible country to exchange a new obligation for outstanding
obligations pursuant to this subsection. At the direction of the
Facility, the old obligations shall be canceled and a new debt
obligation for the country shall be established, and the agency
primarily responsible for administering subchapter I of this chapter
shall make an adjustment in its accounts to reflect the debt
reduction.
(Pub. L. 87-195, pt. IV, Sec. 704, as added Pub. L. 102-549, title VI,
Sec. 602(a), Oct. 28, 1992, 106 Stat. 3665.)
References in Text
Section 321 of the International Development and Food Assistance Act
of 1975, referred to in subsec. (a)(3)(B), is section 321 of Pub. L. 94-
161, which is set out as a note under section 2220a of this title.
References to Subchapter I Deemed To Include Certain Parts of Subchapter
II
References to subchapter I of this chapter are deemed to include
parts IV (Sec. 2346 et seq.), VI (Sec. 2348 et seq.), and VIII
(Sec. 2349aa et seq.) of subchapter II of this chapter, and references
to subchapter II are deemed to exclude such parts. See section 202(b) of
Pub. L. 92-228, set out as a note under section 2346 of this title, and
sections 2348c and 2349aa-5 of this title.
Prior Provisions
A prior section 704 of Pub. L. 87-195, pt. IV, Sept. 4, 1961, 75
Stat. 463, amended section 1704 of Title 7, Agriculture, prior to repeal
by Pub. L. 87-565, pt. IV, Sec. 401, Aug. 1, 1962, 76 Stat. 263, except
insofar as section 704 affected section 1704.
Delegation of Functions
For delegation of functions of President under this section, see Ex.
Ord. No. 12163, Sept. 29, 1979, 44 F.R. 56673, as amended, set out as a
note under section 2381 of this title.
Functions of President under this section delegated to Secretary of
the Treasury by section 1 of Ex. Ord. No. 12757, Mar. 19, 1991, 56 F.R.
12107, set out as a note under section 1738 of Title 7, Agriculture.
Section Referred to in Other Sections
This section is referred to in sections 2430a, 2430d, 2430e, 2431d
of this title.
