22 U.S.C. § 2430c — Reduction of certain debt
submitted 34 years ago by Pub. L. 87-195 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 282 words · no verdicts yet
The President may reduce certain concessional-loan debt owed to the United States by an eligible country, but only within amounts authorized in advance by appropriations Acts. The Facility carries out the reduction by replacing old obligations with a new obligation and adjusting the responsible agency’s accounts.
(a) Authority to reduce debt.
(1) Authority. The President may reduce amounts owed to the United States or a U.S. agency that were outstanding on January 1, 1992, when the amounts resulted from concessional loans the United States made to an eligible country* under subchapter I or part IV of subchapter II of this chapter, or predecessor foreign-economic-assistance laws.
(2) Appropriations requirement. This authority may be used only in amounts or to an extent provided in advance by appropriations Acts.
(3) Certain prohibitions do not apply.
(A) A debt reduction under this section is not considered assistance for a law that limits assistance to a country.
(B) This authority may be used despite section 2370(r) of this title or section 321 of the International Development and Food Assistance Act of 1975.
(b) Implementing debt reduction.
(1) In general. The Facility* must carry out a debt reduction under subsection (a) by exchanging a new obligation for obligations outstanding on the date specified in subsection (a)(1), as the Facility directs.
(2) Exchange of obligations. The Facility must notify the agency mainly responsible for administering subchapter I of this chapter when it agrees with an eligible country to make this exchange. At the Facility’s direction, the old obligations must be canceled and a new debt obligation for the country established. The responsible agency must adjust its accounts to show the debt reduction.
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.
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.
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.
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.
Any debt reduction pursuant to subsection (a) 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).
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.
Source credit: (Pub. L. 87–195, pt. IV, § 704, as added Pub. L. 102–549, title VI, § 602(a), Oct. 28, 1992, 106 Stat. 3665.)
- 1992Enacted · Pub. L. 87-195 · 106 Stat. 3665
A history note hasn’t been published yet. The record shows enactment by Pub. L. 87-195 on 1992-10-28.
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