22 U.S.C. § 2431d | Reduction of debt owed to United States as result of concessional loans under this chapter

(a)

Authority to reduce debt

(1)

Authority

January 1, 1998The President may reduce the amount owed to the United States (or any agency of the United States) that is outstanding as of , 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

section 661a(5) of title 2For the cost (as defined in ) 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

section 2370(r) of this titleThe authority of this section may be exercised notwithstanding 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) 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) outstanding as of the date specified in subsection (a)(1).

(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

(1)

section 2430c(a)(1) of this title The following additional terms and conditions shall apply to the reduction of debt under subsection (a)(1) in the same manner as such terms and conditions apply to the reduction of debt under :

(A)

section 2430d of this title The provisions relating to repayment of principal under .

(B)

section 2430e of this title The provisions relating to interest on new obligations under .

(2)

section 2430d of this title section 2430e of this title In addition to the application of the provisions relating to repayment of principal under to the reduction of debt under subsection (a)(1) (in accordance with paragraph (1)(A) of this subsection), repayment of principal on a new obligation established under subsection (b) may be made in the local currency of the beneficiary country and deposited in the Conservation Fund of the country in the same manner as the provisions relating to payment of interest on new obligations under .

(d)

Authorization of appropriations for fiscal years after fiscal year 2001

section 661a(5) of title 2 section 2431e of this titleFor the cost (as defined in ) for the reduction of any debt pursuant to this section or , 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.

(4)

$20,000,000 for fiscal year 2005.

(5)

$25,000,000 for fiscal year 2006.

(6)

$30,000,000 for fiscal year 2007.

(7)

$20,000,000 for fiscal year 2019.

(8)

$20,000,000 for fiscal year 2020.

(9)

$20,000,000 for fiscal year 2023.

(10)

$20,000,000 for fiscal year 2024.

(11)

$20,000,000 for fiscal year 2025.

(12)

$20,000,000 for fiscal year 2026.

(13)

$20,000,000 for fiscal year 2027.

(e)

Use of funds to conduct program audits, evaluations, monitoring, and administration

Of the amounts made available to carry out this subchapter for a fiscal year, $300,000 is authorized to be made available to carry out audits, evaluations, monitoring, and administration of programs under this subchapter, including personnel costs associated with such audits, evaluations, monitoring and administration.

Pub. L. 87–195 Pub. L. 105–214, § 1July 29, 1998112 Stat. 887 Pub. L. 107–26, § 2(a)Aug. 17, 2001115 Stat. 206 Pub. L. 108–323Oct. 6, 2004118 Stat. 1218 Pub. L. 115–440Jan. 14, 2019132 Stat. 5584 Pub. L. 117–263, div. E, title LV, § 5587Dec. 23, 2022136 Stat. 3375(, pt. V, § 806, as added , , ; amended , , ; , §§ 1–3(a), , ; , §§ 9(b)(2), 11, , ; , , .)

Editorial Notes

References in Text

Pub. L. 87–195Sept. 4, 196175 Stat. 424 section 2151 of this titleThis chapter, referred to in section catchline, was in the original “the Foreign Assistance Act of 1961”, meaning , , , which is classified principally to this chapter (§ 2151 et seq.). For complete classification of the Act to the Code, see Short Title note set out under and Tables.

section 321 of Pub. L. 94–161Dec. 20, 197589 Stat. 868 section 2220a of this titleSection 321 of the International Development and Food Assistance Act of 1975, referred to in subsec. (a)(3)(B), is , , , which is set out as a note under .

Prior Provisions

section 806 of Pub. L. 87–195 section 2435 of this title Pub. L. 94–329A prior , pt. V, was classified to prior to repeal by .

Amendments

Pub. L. 117–2632022—Subsec. (d)(9) to (13). added pars. (9) to (13).

Pub. L. 115–440, § 9(b)(2)2019—Subsec. (c)(2). , substituted “Conservation Fund” for “Tropical Forest Fund”.

Pub. L. 115–440, § 11(1)Subsec. (d)(7), (8). , added pars. (7) and (8).

Pub. L. 115–440, § 11(2)Subsec. (e). , amended subsec. (e) generally. Prior to amendment, text read as follows: “Of the amounts made available to carry out this subchapter for a fiscal year, $200,000 is authorized to be made available to carry out audits and evaluations of programs under this subchapter, including personnel costs associated with such audits and evaluations.”

Pub. L. 108–323, § 3(a)2004—Subsec. (c). , designated existing provisions as par. (1), redesignated former pars. (1) and (2) as subpars. (A) and (B), respectively, of par. (1), and added par. (2).

Pub. L. 108–323, § 1Subsec. (d)(4) to (6). , added pars. (4) to (6).

Pub. L. 108–323, § 2Subsec. (e). , added subsec. (e).

Pub. L. 107–262001—Subsec. (d). added subsec. (d).

Statutory Notes and Related Subsidiaries

References to Subchapter I Deemed To Include Certain Parts of Subchapter II

section 202(b) of Pub. L. 92–226 section 2346 of this titleReferences to subchapter I of this chapter are deemed to include parts IV (§ 2346 et seq.), VI (§ 2348 et seq.), and VIII (§ 2349aa et seq.) of subchapter II of this chapter, and references to subchapter II are deemed to exclude such parts. See , set out as a note under , and sections 2348c and 2349aa–5 of this title.

Executive Documents

Delegation of Functions

Sept. 29, 1979section 2381 of this titleFor delegation of functions of President under this section, see Ex. Ord. No. 12163, , 44 F.R. 56673, as amended, set out as a note under .

July 8, 2004section 1738 of Title 7For delegation of functions of President under subsec. (a) of this section, see section 1 of Ex. Ord. No. 13345, , 69 F.R. 41901, set out as a note under , Agriculture.