22 U.S.C. § 2430e — Interest on new obligations

(a) Interest rate. New obligations issued by a beneficiary country^* under section 2430c(b) of this title must bear interest at a concessional rate.

(b) Payment currency and deposits.

(1) Local currency. If the beneficiary country has entered into an Americas Framework Agreement^*, it must pay interest in its local currency and deposit it in an Americas Fund^*. The interest remains the country’s property until it is paid out under section 2430f(d) of this title. The local currency must be used for the purposes stated in the agreement.

(2) U.S. dollars. If the beneficiary country has not entered into an Americas Framework Agreement, it must pay interest in U.S. dollars and deposit it in the U.S. Government account established for interest payments on the obligations exchanged for the new obligations.

(c) Interest already paid. If a beneficiary country enters into an Americas Framework Agreement after interest on the new obligation first became due, interest already paid on that obligation must not be redeposited into that country’s Americas Fund.