§ 2431d. — Reduction of debt owed to United States as result of concessional loans under chapter.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC2431d]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 32--FOREIGN ASSISTANCE
SUBCHAPTER IV--DEBT REDUCTION FOR DEVELOPING COUNTRIES WITH TROPICAL
FORESTS
Sec. 2431d. Reduction of debt owed to United States as result of
concessional loans under this chapter
(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, 1998, 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) Authorization of appropriations
For the cost (as defined in section 661a(5) of title 2) for the
reduction of any debt pursuant to this section, there are authorized
to be appropriated to the President--
(A) $25,000,000 for fiscal year 1999;
(B) $75,000,000 for fiscal year 2000; and
(C) $100,000,000 for fiscal year 2001.
(3) Certain prohibitions inapplicable
(A) In general
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) Additional requirement
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 of the type referred to
in subsection (a) of this section outstanding as of the date
specified in subsection (a)(1) of this section.
(2) Exchange of obligations
(A) In general
The Facility shall notify the agency primarily responsible
for administering subchapter I of this chapter of an agreement
entered into under paragraph (1) with an eligible country to
exchange a new obligation for outstanding obligations.
(B) Additional requirement
At the direction of the Facility, the old obligations that
are the subject of the agreement shall be canceled and a new
debt obligation for the country shall be established relating to
the agreement, and the agency primarily responsible for
administering subchapter I of this chapter shall make an
adjustment in its accounts to reflect the debt reduction.
(c) Additional terms and conditions
The following additional terms and conditions shall apply to the
reduction of debt under subsection (a)(1) of this section in the same
manner as such terms and conditions apply to the reduction of debt under
section 2430c(a)(1) of this title:
(1) The provisions relating to repayment of principal under
section 2430d of this title.
(2) The provisions relating to interest on new obligations under
section 2430e of this title.
(d) Authorization of appropriations for fiscal years after fiscal year
2001
For the cost (as defined in section 661a(5) of title 2) for the
reduction of any debt pursuant to this section or section 2431e of this
title, there are authorized to be appropriated to the President the
following:
(1) $50,000,000 for fiscal year 2002.
(2) $75,000,000 for fiscal year 2003.
(3) $100,000,000 for fiscal year 2004.
(Pub. L. 87-195, pt. V, Sec. 806, as added Pub. L. 105-214, Sec. 1, July
29, 1998, 112 Stat. 887; amended Pub. L. 107-26, Sec. 2(a), Aug. 17,
2001, 115 Stat. 206.)
References in Text
This chapter, referred to in section catchline, was in the original
``the Foreign Assistance Act of 1961'', meaning Pub. L. 87-195, Sept. 4,
1961, 75 Stat. 424, as amended, which is classified principally to this
chapter (Sec. 2151 et seq.). For complete classification of the Act to
the Code, see Short Title note set out under section 2151 of this title
and Tables.
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, Dec. 20, 1975, 89 Stat. 868, 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. 92-226, 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 806 of Pub. L. 87-195, pt. V, was classified to
section 2435 of this title prior to repeal by Pub. L. 94-329.
Amendments
2001--Subsec. (d). Pub. L. 107-26 added subsec. (d).
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.
Section Referred to in Other Sections
This section is referred to in sections 2431a, 2431f of this title.
