US Code

Public Law 119-73 (01/23/2026)

22 U.S.C. § 2431e

Reduction of debt owed to United States as result of credits extended under title I of Food for Peace Act

(a)

Authority to reduce debt

(1)

Authority

7 U.S.C. 1701Notwithstanding any other provision of law, the 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 any credits extended under title I of the Food for Peace Act ( et seq.) to a country eligible for benefits from the Facility.

(2)

Authorization of appropriations

(A)

In general

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—
(i)
$25,000,000 for fiscal year 1999;
(ii)
$50,000,000 for fiscal year 2000; and
(iii)
$50,000,000 for fiscal year 2001.
(B)

Limitation

section 661a(5) of title 2The authority provided by this section shall be available only to the extent that appropriations for the cost (as defined in ) of the modification of any debt pursuant to this section are made in advance.

(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 Commodity Credit Corporation 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 shall be established for the country relating to the agreement, and the Commodity Credit Corporation shall make an adjustment in its accounts to reflect the debt reduction.

(c)

Additional terms and conditions

(1)
7 U.S.C. 1738c(a)(1) 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 section 604(a)(1) of the Food for Peace Act []:
(A)
7 U.S.C. 1738d The provisions relating to repayment of principal under section 605 of such Act [].
(B)
7 U.S.C. 1738e The provisions relating to interest on new obligations under section 606 of such Act [].
(2)
7 U.S.C. 1738d7 U.S.C. 1738e In addition to the application of the provisions relating to repayment of principal under section 605 of the Food for Peace Act [] 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 section 606 of such Act [].

Pub. L. 87–195Pub. L. 105–214, § 1112 Stat. 888Pub. L. 108–323, § 3(b)118 Stat. 1219Pub. L. 110–246, title III, § 3001(b)(1)122 Stat. 1820Pub. L. 115–440132 Stat. 5582(, pt. V, § 807, as added , , ; amended , , ; , (2)(Q), , ; , §§ 6, 9(b)(3), , , 5584.)

Editorial Notes

References in Text

act July 10, 1954, ch. 46968 Stat. 454section 1691 of Title 7The Food for Peace Act, referred to in subsec. (a)(1), is , . Title I of the Act is classified generally to subchapter II (§ 1701 et seq.) of chapter 41 of Title 7, Agriculture. For complete classification of this Act to the Code, see Short Title note set out under and Tables.

Amendments

Pub. L. 115–440, § 62019—Subsec. (a)(1). , substituted “outstanding as of ,” for “outstanding as of ,”.

Pub. L. 115–440, § 9(b)(3)Subsec. (c)(2). , substituted “Conservation Fund” for “Tropical Forest Fund”.

Pub. L. 110–2462008— substituted “Food for Peace Act” for “Agricultural Trade Development and Assistance Act of 1954” in section catchline and wherever appearing in subsecs. (a)(1) and (c).

Pub. L. 108–3232004—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).

Statutory Notes and Related Subsidiaries

Effective Date of 2008 Amendment

Pub. L. 110–246section 4(b) of Pub. L. 110–246section 8701 of Title 7Amendment by effective , see , set out as an Effective Date note under , Agriculture.

Executive Documents

Delegation of Functions

section 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 .

section 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.