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7 U.S.C. § 1738q — Sale of qualified debt to eligible countries
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general**
(1) **Authorization** — The President may sell to an eligible country up to 40 percent of such country’s qualified debt, only if an amount of the local currency of such country (other than the price paid for the debt) equal to—
(A) not less than 40 percent of the price paid for such debt by such eligible country, or
(B) the difference between the price paid for such debt and the face value of such debt;
whichever is less, is used by such country through an Environmental Fund for eligible activities described in [section 1738k of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1738k&num=0&edition=prelim).
(2) **Environmental funds** — For purposes of this section, the term “Environmental Fund” means an Environmental Fund established under [section 1738g of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1738g&num=0&edition=prelim). In the case of Mexico, such fund may be designated as the Good Neighbor Environmental Fund for the Border.
(3) **Establishment and operation of environmental funds** — The President should advise eligible countries on the procedures required to establish and operate the Environmental Funds required to be established under paragraph (1).
**(b) Terms and conditions** The President shall establish the terms and conditions, including the amount to be paid by the eligible country, under which such country’s qualified debt may be sold under this section.
**(c) Appropriations requirement** The authorities provided by this section may be exercised only in such amounts and to such extent as is provided in advance in appropriations Acts.
**(d) Certain prohibitions inapplicable** A sale of debt under this section shall not be considered assistan
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Stable record: federal_law:legal_authorities:record_usc_1992cbf3ce120c8b74cb5f65
Source file: Laws/federal/codes/united-states-code/title-7/section-1738q-sale-of-qualified-debt-to-eligible-countries--3cd9426389.md
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Source location: Title 7, Chapter 41, § 1738q; chapter-041-food-for-peace.md
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**(a) In general**
(1) **Authorization** — The President may sell to an eligible country up to 40 percent of such country’s qualified debt, only if an amount of the local currency of such country (other than the price paid for the debt) equal to—
(A) not less than 40 percent of the price paid for such debt by such eligible country, or
(B) the difference between the price paid for such debt and the face value of such debt;
whichever is less, is used by such country through an Environmental Fund for eligible activities described in [section 1738k of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1738k&num=0&edition=prelim).
(2) **Environmental funds** — For purposes of this section, the term “Environmental Fund” means an Environmental Fund established under [section 1738g of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1738g&num=0&edition=prelim). In the case of Mexico, such fund may be designated as the Good Neighbor Environmental Fund for the Border.
(3) **Establishment and operation of environmental funds** — The President should advise eligible countries on the procedures required to establish and operate the Environmental Funds required to be established under paragraph (1).
**(b) Terms and conditions** The President shall establish the terms and conditions, including the amount to be paid by the eligible country, under which such country’s qualified debt may be sold under this section.
**(c) Appropriations requirement** The authorities provided by this section may be exercised only in such amounts and to such extent as is provided in advance in appropriations Acts.
**(d) Certain prohibitions inapplicable** A sale of debt under this section shall not be considered assistance for purposes of any provision of law limiting assistance to a country.
**(e) Implementation by Facility** A sale of debt authorized under this section shall be accomplished at the direction of the Facility. The Facility shall direct the Commodity Credit Corporation to carry out such sale. The Commodity Credit Corporation shall make an adjustment in its accounts to reflect the sale.
**(f) Deposit of proceeds** The proceeds from a sale of qualified debt under this section shall be deposited in the account or accounts established by the Commodity Credit Corporation for the repayment of such debt by the eligible country.
**(g) Debtor consultation** Before any sale of qualified debt may occur under this section, the President should consult with the eligible country’s government concerning such sale. The topics addressed in the consultation shall include the amount of qualified debt involved in the transaction and the uses to which funds made available as a result of the sale shall be applied.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** There is established a board to be known as the “Enterprise for the Americas Board” (hereafter referred to in this subchapter as the “Board”).
**(b) Membership and chairperson**
(1) **Membership** — The Board shall be composed of—
(A) six representatives from the United States Government, at least one of whom shall be a representative of the Department of Agriculture; and
(B) five representatives from private nongovernmental environmental, child survival and child development, community development, scientific, and academic organizations with experience and expertise in Latin America and the Caribbean, at least one of whom shall be a representative from a child survival and child development organization;
to be appointed by the President.
(2) **Chairperson** — The Board shall be headed by a chairperson who shall be appointed by the President from among the representatives appointed under paragraph (1)(A).
**(c) Responsibilities** The Board shall—
(1) advise the President on the negotiations for the environmental framework agreements described in subsections (a) and (b) of [section 1738f of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1738f&num=0&edition=prelim);
(2) ensure, in consultation with the government of the appropriate eligible country, with nongovernmental organizations of such eligible country, and if appropriate, of the region, and with environmental, scientific, and academic leaders of such eligible country and, as appropriate, of the region, that a suitable body referred to in [section 1738f(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1738f/c&num=0&edition=prelim) is identified; and
(3) review the programs, operations, and fiscal
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1738k
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Rate of interest** New obligations issued to an eligible country under [section 1738c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1738c&num=0&edition=prelim) shall bear interest at a concessional rate.
**(b) Currency of payment, deposits**
(1) **United States dollars** — An eligible country to which a new obligation has been issued under [section 1738c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1738c&num=0&edition=prelim) that has not entered into an agreement under [section 1738f of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1738f&num=0&edition=prelim), shall be required to pay interest on such obligation in United States dollars which shall be deposited in Commodity Credit Corporation accounts.
(2) **Local currency** — If an eligible country to which a new obligation has been issued under [section 1738c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1738c&num=0&edition=prelim) has entered into an agreement under [section 1738f of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1738f&num=0&edition=prelim), interest under such obligation may be paid in the local currency of the eligible country and deposited into an Environmental Fund as provided for in [section 1738g of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1738g&num=0&edition=prelim). Such interest shall be the property of the eligible country until such time as it is disbursed under [section 1738g of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1738g&num=0&edition=prelim). Such local currencies shall be
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1738g
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Federal law — U.S. Code and appendices · legal_authorities
Page 1032
TITLE 7—AGRICULTURE
§ 1738q
1 See References in Text note below.
sold, reduced, or cancelled under this section or
sold under section 1738o of this title.
(f) Administration
The Facility shall notify the Commodity Cred-
it Corporation of purchasers and payors the
President has determined to be eligible under
subsection (c), and shall direct the corporation
to carry out the sale, reduction, or cancellation
of a qualified debt pursuant to this section. The
Commodity Credit Corporation shall make an
adjustment in its accounts to reflect such sale,
reduction, or cancellation.
(g) Appropriations requirement
The authorities provided by this section may
be exercised only in such amounts and to such
extent as is provided in advance in appropria-
tions Acts.
(h) Deposit of proceeds
The proceeds from the sale, reduction, or can-
cellation of qualified debt pursuant to this sec-
tion shall be deposited in the United States Gov-
ernment account or accounts established for the
repayment of such debt.
(i) Eligible debt swaps
As used in this section, the term ‘‘eligible debt
swap’’ means a debt-for-development swap or
debt-for-nature swap.
(July 10, 1954, ch. 469, title VI, § 617, as added
Pub. L. 102–532, § 2, Oct. 27, 1992, 106 Stat. 3510.)
§ 1738q. Notification to congressional committees
(a) Notice of negotiations
The Secretary of State and the Secretary of
the Treasury shall, in every feasible instance,
notify the designated congressional committees
not less than 15 days prior to any formal nego-
tiation for debt relief under this subchapter.
(b) Transmittal of text of agreements
The Secretary of State shall transmit to the
designated congressional committees a copy of
the text of any agreement with any foreign gov-
ernment which would
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 1738q
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