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7 U.S.C. § 1738c — Purpose
Federal law — U.S. Code and appendices · legal_authorities
The purpose of this subchapter is to encourage and support improvement in the lives of the people of Latin America and the Caribbean through market-oriented reforms and economic growth with inter-related actions to promote debt reduction, investment reforms, and community-based conservation and sustainable use of the environment. The Facility will support such objectives through the administration of debt reduction operations relating to those countries that meet investment reform and other policy conditions provided for in this subchapter.
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Source file: Laws/federal/codes/united-states-code/title-7/section-1738c-purpose--c7193b2397.md
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Source location: Title 7, Chapter 41, § 1738c; chapter-041-food-for-peace.md
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The purpose of this subchapter is to encourage and support improvement in the lives of the people of Latin America and the Caribbean through market-oriented reforms and economic growth with inter-related actions to promote debt reduction, investment reforms, and community-based conservation and sustainable use of the environment. The Facility will support such objectives through the administration of debt reduction operations relating to those countries that meet investment reform and other policy conditions provided for in this subchapter.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Currency of payment** The principal amount owed under each new obligation issued under [section 1738c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1738c&num=0&edition=prelim) shall be repaid in United States dollars.
**(b) Deposit of payments** Principal repayments on new obligations issued under [section 1738c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1738c&num=0&edition=prelim) shall be deposited in Commodity Credit Corporation accounts.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1738f
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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 1027
TITLE 7—AGRICULTURE
§ 1738e
that meet investment reform and other policy
conditions provided for in this subchapter.
(July 10, 1954, ch. 469, title VI, § 602, as added
Pub. L. 101–624, title XV, § 1512, Nov. 28, 1990, 104
Stat. 3658.)
§ 1738b. Eligibility for benefits under Facility
(a) Requirements
To be eligible for benefits from the Facility
under this subchapter, a country shall—
(1) be a Latin American or Caribbean coun-
try;
(2) have in effect or have received approval
for, or, as appropriate in exceptional cir-
cumstances, be making significant progress
towards the establishment of—
(A) an International Monetary Fund (here-
after referred to in this subchapter as the
‘‘IMF’’) standby arrangement, extended IMF
arrangement, or an arrangement under the
structural adjustment facility or enhanced
structural adjustment facility, or in excep-
tional circumstances, an IMF-monitored
program or its equivalent; and
(B) as appropriate, structural or sectoral
adjustment loans from the International
Bank for Reconstruction and Development
(hereafter referred to in this subchapter as
the ‘‘World Bank’’) or the International De-
velopment Association (hereafter referred to
in this subchapter as the ‘‘IDA’’);
(3) have placed into effect major investment
reforms in conjunction with an Inter-Amer-
ican Development Bank (hereafter referred to
as the ‘‘IDB’’) loan or otherwise be imple-
menting, or making significant progress to-
wards an open investment regime; and
(4) if appropriate, have agreed with its com-
mercial bank lenders on a satisfactory financ-
ing program, including, as appropriate, debt or
debt service reduction.
(b) Eligibility determination
The President shall determine whether a coun-
try is an eligible country for purposes of
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 1738c
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