22 U.S.C. § 2430b — Eligibility for benefits

Page 947 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 2430c tive Date note under section 8701 of Title 7, Agri- culture. § 2430b. Eligibility for benefits (a) Requirements To be eligible for benefits from the Facility under this subchapter, a country must be a Latin American or Caribbean country— (1) whose government is democratically elected; (2) whose government has not repeatedly provided support for acts of international ter- rorism; (3) whose government is not failing to co- operate on international narcotics control matters; (4) whose government (including its military or other security forces) does not engage in a consistent pattern of gross violations of inter- nationally recognized human rights; (5) that has in effect, has received approval for, or, as appropriate in exceptional cir- cumstances, is making significant progress to- ward— (A) an International Monetary Fund stand- by arrangement, extended Fund arrange- ment, or an arrangement under the struc- tural adjustment facility or enhanced struc- tural adjustment facility, or in exceptional circumstances, a Fund monitored program or its equivalent, unless the President deter- mines (after consultation with the Enter- prise for the Americas Board) that such an arrangement or program (or its equivalent) could reasonably be expected to have signifi- cant adverse social or environmental effects; and (B) as appropriate, structural or sectoral adjustment loans from the International Bank for Reconstruction and Development or the International Development Associa- tion, unless the President determines (after consultation with the Enterprise for the Americas Board) that the resulting adjust- ment requirements could reasonably be ex- pected to have significant adverse social or environmental effects; (6) has put in place major investment re- forms in conjunction with an Inter-American Development Bank loan or otherwise is imple- menting, or is making significant progress to- ward, an open investment regime; and (7) if appropriate, has agreed with its com- mercial bank lenders on a satisfactory financ- ing program, including, as appropriate, debt or debt service reduction. (b) Eligibility determinations Consistent with subsection (a), the President shall determine whether a country is eligible to receive benefits under this subchapter. The President shall notify the appropriate congres- sional committees of his intention to designate a country as an eligible country at least 15 days in advance of any formal determination. (Pub. L. 87–195, pt. IV, § 703, as added Pub. L. 102–549, title VI, § 602(a), Oct. 28, 1992, 106 Stat. 3664.) Editorial Notes PRIOR PROVISIONS A prior section 703 of Pub. L. 87–195, pt. IV, Sept. 4, 1961, 75 Stat. 463, amended section 1613d of this title and enacted provisions set out as a note under section 1613d of this title, prior to repeal by Pub. L. 87–565, pt. IV, § 401, Aug. 1, 1962, 76 Stat. 263, except insofar as section 703 affected section 1613d. Executive Documents DELEGATION OF FUNCTIONS For delegation of functions of President under this section, see Ex. Ord. No. 12163, Sept. 29, 1979, 44 F.R. 56673, as amended, set out as a note under section 2381 of this title. For delegation of functions of President under this section, see section 1 of Ex. Ord. No. 13345, July 8, 2004, 69 F.R. 41901, set out as a note under section 1738 of Title 7, Agriculture. § 2430c. Reduction of certain debt (a) Authority to reduce debt (1) Authority The President may reduce the amount owed to the United States (or any agency of the United States) that is outstanding as of Janu- ary 1, 1992, 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 prede- cessor foreign economic assistance legislation. (2) Appropriations requirement The authority provided by this section may be exercised only in such amounts or to such extent as is provided in advance by appropria- tions Acts. (3) Certain prohibitions inapplicable (A) A reduction of debt pursuant to this sec- tion shall not be considered assistance for pur- poses of any provision of law limiting assist- ance to a country. (B) The authority of this section may be ex- ercised notwithstanding section 2370(r) of this title or section 321 of the International Devel- opment 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 obliga- tion for obligations outstanding as of the date specified in subsection (a)(1). (2) Exchange of obligations The Facility shall notify the agency pri- marily responsible for administering sub- chapter I of this chapter of the agreement with an eligible country to exchange a new ob- ligation for outstanding obligations pursuant to this subsection. At the direction of the Fa- cility, the old obligations shall be canceled and a new debt obligation for the country shall be established, and the agency primarily responsible for administering subchapter I of this chapter shall make an adjustment in its accounts to reflect the debt reduction. (Pub. L. 87–195, pt. IV, § 704, as added Pub. L. 102–549, title VI, § 602(a), Oct. 28, 1992, 106 Stat. 3665.)