7 U.S.C. § 1736e — Debt forgiveness

Page 1003 TITLE 7—AGRICULTURE § 1736f 1537; amended July 29, 1968, Pub. L. 90–436, § 1, 82 Stat. 450; Nov. 30, 1970, Pub. L. 91–524, title VII, § 701, 84 Stat. 1379; Aug. 10, 1973, Pub. L. 93–86, § 1(26), 87 Stat. 237; Sept. 29, 1977, Pub. L. 95–113, title XII, § 1208, 91 Stat. 957; Dec. 22, 1981, Pub. L. 97–98, title XII, § 1216, 95 Stat. 1282; Dec. 23, 1985, Pub. L. 99–198, title XI, § 1105, 99 Stat. 1466; Nov. 28, 1990, Pub. L. 101–624, title XV, § 1512, 104 Stat. 3653; Dec. 13, 1991, Pub. L. 102–237, title III, § 322, 105 Stat. 1857, required promulgation of regulations to implement chapter not later than 180 days after Nov. 28, 1990. Section 1736d, act July 10, 1954, ch. 469, title IV, § 410, as added Nov. 11, 1966, Pub. L. 89–808, § 2(E), 80 Stat. 1538; amended Nov. 28, 1990, Pub. L. 101–624, title XV, § 1512, 104 Stat. 3653; Dec. 13, 1991, Pub. L. 102–237, title III, § 322, 105 Stat. 1857, provided for independent eval- uation of programs under subchapters II, III, and III–A of this chapter and report to Congress. § 1736e. Debt forgiveness (a) Authority The President, taking into account the finan- cial resources of a country, may waive payments of principal and interest that such country would otherwise be required to make to the Commodity Credit Corporation under dollar sales agreements under subchapter II if— (1) that country is a least developed country; and (2) either— (A) an International Monetary Fund stand- by agreement is in effect with respect to that country; (B) a structural adjustment program of the International Bank for Reconstruction and Development or of the International Devel- opment Association is in effect with respect to that country; (C) a structural adjustment facility, en- hanced structural adjustment facility, or similar supervised arrangement with the International Monetary Fund is in effect with respect to that country; or (D) even though such an agreement, pro- gram, facility, or arrangement is not in ef- fect, the country is pursuing national eco- nomic policy reforms that would promote democratic, market-oriented, and long term economic development. (b) Request for debt relief by President The President may provide debt relief under subsection (a) only if a notification is submitted to Congress at least 10 days prior to providing the debt relief. Such a notification shall— (1) specify the amount of official debt the President proposes to liquidate; and (2) identify the countries for which debt re- lief is proposed and the basis for their eligi- bility for such relief. (c) Appropriations action required The aggregate amount of principal and inter- est waived under this section may not exceed the amount approved for such purpose in an Act appropriating funds to carry out this chapter. (d) Limitation on new credit assistance If the authority of this section is used to waive payments otherwise required to be made by a country pursuant to this chapter, the Presi- dent may not provide any new credit assistance for that country under this chapter during the 2- year period beginning on the date such waiver authority is exercised, unless the President pro- vides to the Congress, before the assistance is provided, a written justification for the provi- sion of such new credit assistance. (e) Applicability The authority of this section applies with re- spect to credit sales agreements entered into be- fore November 28, 1990. (July 10, 1954, ch. 469, title IV, § 411, as added Pub. L. 91–524, title VII, § 704, Nov. 30, 1970, as added Pub. L. 93–86, § 1(26), Aug. 10, 1973, 87 Stat. 237; amended Pub. L. 101–624, title XV, § 1512, Nov. 28, 1990, 104 Stat. 3654; Pub. L. 102–237, title III, §§ 322, 326, 336, Dec. 13, 1991, 105 Stat. 1857, 1859.) Editorial Notes AMENDMENTS 1991—Subsec. (a). Pub. L. 102–237, § 326, substituted ‘‘subchapter II’’ for ‘‘this subchapter’’ in introductory provisions. Subsec. (b). Pub. L. 102–237, § 336, inserted ‘‘at least 10 days prior to providing the debt relief’’ before period at end of first sentence. Subsec. (e). Pub. L. 102–237, § 322, substituted ‘‘Novem- ber 28, 1990’’ for ‘‘the date of enactment of this Act’’. 1990—Pub. L. 101–624 amended section generally, sub- stituting present provisions for provisions prohibiting assistance under subchapters II, III and III–A of this chapter to North Vietnam after July 1, 1973, unless spe- cifically authorized by Act of Congress. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1990 AMENDMENT Amendment by Pub. L. 101–624 effective Jan. 1, 1991, see section 1513 of Pub. L. 101–624, set out as a note under section 1691 of this title. RENEGOTIATION OF PAYMENT TERMS OF LOANS FOR SALE OF AGRICULTURAL COMMODITIES Pub. L. 102–27, title II, Apr. 10, 1991, 105 Stat. 147, as amended by Pub. L. 110–246, title III, § 3001(c), June 18, 2008, 122 Stat. 1821, provided that: ‘‘Title I of the Public Law 480 [7 U.S.C. 1701 et seq.] program allowed for the repayment of loans for the sale of agricultural com- modities in foreign or local currencies until December 31, 1971. Since that time, until the law was changed in the 1985 farm bill [probably means Pub. L. 99–198, see Tables for classification], all sales have been on dollar credit terms. In view of the present financial situation, it is impossible for many countries to repay their loans in dollars. Therefore, the President may use the au- thority in section 411 and section 604 of the Food for Peace Act [7 U.S.C. 1736e, 1738c] to renegotiate the pay- ment on Public Law 480 debt in eligible countries in Latin America, the Caribbean and sub-Saharan Africa.’’ Executive Documents DELEGATION OF FUNCTIONS Functions of President under this section delegated to Secretary of Agriculture, in consultation with Food Assistance Policy Council and Department of the Treasury, by section 4(d) of Ex. Ord. No. 12752, Feb. 25, 1991, 56 F.R. 8256, set out as a note under section 1691 of this title. § 1736f. Authorization of appropriations (a) Authorization of appropriations There are authorized to be appropriated— (1) for fiscal year 2008 and each fiscal year thereafter, $2,500,000,000 to carry out the emer-