22 U.S.C. § 2151v — Aid to relatively least developed countries

(a) Characterization of least developed countries Countries called “relatively least developed countries,” as determined using criteria comparable to the criteria used for the United Nations General Assembly’s list of “least developed countries,” are marked by extreme poverty, very limited infrastructure, and limited administrative ability to carry out basic-human-needs growth strategies. This section does not define “relatively least developed countries” or “least developed countries.” In these countries, special measures may be necessary to make assistance under subchapter I of this chapter fully effective. (b) Assistance on grant basis To promote economic growth in these countries, the President may, and is encouraged to, provide assistance under this part as grants to the greatest extent consistent with achieving United States development objectives. (c) Waiver of principal and interest on prior liability (1) Congress recognizes that relatively least developed countries have almost no access to private international capital markets. As far as possible, the terms of earlier assistance should match the current terms for grant assistance to relatively least developed countries. Subject to paragraph (2), and despite section 2370(r) of this title and section 321 of the International Development and Food Assistance Act of 1975, the President may act case by case. The President must consider the country’s need for financial resources and its commitment to the development objectives in sections 2151 and 2151–1 of this title. The President— (A) may allow a relatively least developed country to put into local-currency accounts amounts that otherwise would be paid to the United States toward principal or interest on a liability the country incurred under subchapter I of this chapter or earlier legislation. The local-currency amount must be equivalent, using the official exchange rate for United States dollars. The country may use the amounts for activities consistent with section 2151–1 of this title, but the Administrator of the agency mainly responsible for administering subchapter I must agree; and (B) may waive interest payments on a liability incurred by a relatively least developed country under subchapter I of this chapter or earlier legislation if the President decides that the country would be unable to use for development the equivalent local-currency amounts that could be made available under subparagraph (A). (2) In any fiscal year, the total interest waived, plus the interest and principal put into local-currency accounts under this subsection, may not exceed the amount approved for that purpose in an appropriations Act for carrying out this part for that fiscal year. That approved amount may not exceed the amount authorized for approval by the annual law authorizing development-assistance programs. Amounts due and payable during fiscal year 1981 to the United States from relatively least developed countries on loans made under this subchapter or earlier legislation are authorized to be approved for use under paragraph (1), up to $10,845,000. (3) When using this authority, the President should act together with other creditor countries. (d) Waiver of contribution requirement The President may, case by case, waive section 2151h(a)’s requirement for financial or “in kind” contributions for programs, projects, or activities in relatively least developed countries. (e) Waiver of time limits on aid Section 2151h(b) must not apply to grants to relatively least developed countries.