7 U.S.C. § 1738b — Eligibility for benefits under Facility

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 sub- section (a). (July 10, 1954, ch. 469, title VI, § 603, as added Pub. L. 101–624, title XV, § 1512, Nov. 28, 1990, 104 Stat. 3658; amended Pub. L. 102–237, title III, § 302, Dec. 13, 1991, 105 Stat. 1855.) Editorial Notes AMENDMENTS 1991—Subsec. (a)(3). Pub. L. 102–237 inserted hyphen between ‘‘Inter’’ and ‘‘American’’. Executive Documents DELEGATION OF FUNCTIONS For delegation of functions of President under subsec. (b) of this section, see section 1 of Ex. Ord. No. 13345, July 8, 2004, 69 F.R. 41901, set out as a note under sec- tion 1738 of this title. § 1738c. Reduction of certain debt (a) Authority to reduce debt (1) In general Notwithstanding any other provision of law, the President may reduce the amount owed to the United States or any agency of the United States, and outstanding as of January 1, 1990, as a result of any credits extended under sub- chapter II to a country eligible for benefits from the Facility. (2) Availability of appropriations The authorities under this section may be exercised only to the extent provided for in ad- vance in appropriation Acts. (b) Limitation A debt reduction authorized under subsection (a) shall be accomplished, at the direction of the Facility, through the exchange of a new obliga- tion under this subchapter for obligations of the type referred to in subsection (a) outstanding as of January 1, 1990. (c) Exchange of obligations The Facility shall notify the Commodity Cred- it Corporation of an agreement entered into under subsection (b) with an eligible country to exchange a new obligation for outstanding obli- gations. At the direction of the Facility, the old obligations that are the subject of the agree- ment may be canceled and a new debt obligation may be established for the country relating to the agreement. The Commodity Credit Corpora- tion shall make an adjustment in its accounts to reflect a debt reduction under this section. (July 10, 1954, ch. 469, title VI, § 604, as added Pub. L. 101–624, title XV, § 1512, Nov. 28, 1990, 104 Stat. 3658; amended Pub. L. 102–237, title III, § 303, Dec. 13, 1991, 105 Stat. 1855.) Editorial Notes AMENDMENTS 1991—Subsec. (a)(2). Pub. L. 102–237 substituted ‘‘Availability’’ for ‘‘Avaliability’’ in heading. Executive Documents DELEGATION OF FUNCTIONS For delegation of functions of President under subsec. (a) of this section, see section 1 of Ex. Ord. No. 13345, July 8, 2004, 69 F.R. 41901, set out as a note under sec- tion 1738 of this title. § 1738d. Repayment of principal (a) Currency of payment The principal amount owed under each new obligation issued under section 1738c of this title shall be repaid in United States dollars. (b) Deposit of payments Principal repayments on new obligations issued under section 1738c of this title shall be deposited in Commodity Credit Corporation ac- counts. (July 10, 1954, ch. 469, title VI, § 605, as added Pub. L. 101–624, title XV, § 1512, Nov. 28, 1990, 104 Stat. 3659.) § 1738e. Interest of new obligations (a) Rate of interest New obligations issued to an eligible country under section 1738c of this title shall bear inter- est at a concessional rate.