22 U.S.C. § 2431c — Eligibility for benefits

Page 952 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 2431b 1 So in original. Probably should be ‘‘Anthozoa;’’. 1 So in original. Probably should be preceded by ‘‘that’’. (A) all species of the orders Antipatharia (black corals), Scleractinia (stony corals), Alcyonacea (soft corals), Gorgonacea (horny corals), Stolonifera (organpipe corals and others), and Coenothecalia (blue coral), of the class Anthoza; 1 and (B) all species of the order Hydrocorallina (fire corals and hydrocorals) of the class Hydrozoa. (11) Coral reef The term ‘‘coral reef’’ means any reef or shoal composed primarily of coral. (12) Coral reef ecosystem The term ‘‘coral reef ecosystem’’ means any coral reef and any coastal marine ecosystem surrounding, or directly related to, a coral reef and important to maintaining the ecologi- cal integrity of that coral reef, such as seagrasses, mangroves, sandy seabed commu- nities, and immediately adjacent coastal areas. (Pub. L. 87–195, pt. V, § 803, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 886; amended Pub. L. 115–440, §§ 3(b), 4(b), 8(e), 9(b)(1), Jan. 14, 2019, 132 Stat. 5581, 5583, 5584.) Editorial Notes PRIOR PROVISIONS A prior section 803 of Pub. L. 87–195, pt. V, was classi- fied to section 2433 of this title prior to repeal by Pub. L. 94–329. AMENDMENTS 2019—Par. (5). Pub. L. 115–440, § 3(b)(1)(A), (B), sub- stituted ‘‘tropical forest or coral reef’’ for ‘‘tropical forest’’ in heading and introductory provisions. Par. (5)(B). Pub. L. 115–440, § 3(b)(1)(C), substituted ‘‘tropical forest or coral reef’’ for ‘‘tropical forest’’ and ‘‘tropical forests or coral reefs’’ for ‘‘tropical forests’’. Par. (7). Pub. L. 115–440, § 8(e), substituted ‘‘Conserva- tion Agreement’’ for ‘‘Tropical Forest Agreement’’ in heading and in two places in text. Par. (8). Pub. L. 115–440, § 4(b), substituted ‘‘Conserva- tion Facility’’ for ‘‘Tropical Forest Facility’’ in head- ing and in two places in text. Par. (9). Pub. L. 115–440, § 9(b)(1), substituted ‘‘Con- servation Fund’’ for ‘‘Tropical Forest Fund’’ in heading and in two places in text. Pars. (10) to (12). Pub. L. 115–440, § 3(b)(2), added pars. (10) to (12). Statutory Notes and Related Subsidiaries CHANGE OF NAME Committee on International Relations of House of Representatives changed to Committee on Foreign Af- fairs of House of Representatives by House Resolution No. 6, One Hundred Tenth Congress, Jan. 5, 2007. § 2431b. Establishment of Facility There is established in the Department of the Treasury an entity to be known as the ‘‘Con- servation Facility’’ for the purpose of providing for the administration of debt reduction in ac- cordance with this subchapter. (Pub. L. 87–195, pt. V, § 804, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 887; amended Pub. L. 115–440, § 4(a), Jan. 14, 2019, 132 Stat. 5581.) Editorial Notes PRIOR PROVISIONS A prior section 804 of Pub. L. 87–195, pt. V, was classi- fied to section 2434 of this title prior to repeal by Pub. L. 94–329. AMENDMENTS 2019—Pub. L. 115–440 substituted ‘‘Conservation Facil- ity’’ for ‘‘Tropical Forest Facility’’. Statutory Notes and Related Subsidiaries CHANGE OF NAME Pub. L. 115–440, § 4(c), Jan. 14, 2019, 132 Stat. 5582, pro- vided that: ‘‘Any reference in any other provision of law, regulation, document, paper, or other record of the United States to the ‘Tropical Forest Facility’ shall be deemed to be a reference to the ‘Conservation Facil- ity’.’’ § 2431c. Eligibility for benefits (a) In general To be eligible for benefits from the Facility under this subchapter, a country shall be a de- veloping country with a tropical forest or coral reef— (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 is making significant progress toward— (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 a Fund mon- itored program, or is implementing sound macroeconomic policies, unless the Presi- dent determines that such an arrangement or program could reasonably be expected to have significant adverse social or environ- mental effect; 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 that the resulting adjustment requirements could reasonably be expected to have significant adverse social or environmental effects; (6) if appropriate, has 1 agreed with its com- mercial bank lenders on a satisfactory financ- ing program, including, as appropriate, debt or debt service reduction; and (7) that has put in place investment reforms, as evidenced by the conclusion of a bilateral investment treaty with the United States, im- plementation of an investment sector loan with the Inter-American Development Bank, Page 953 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 2431d World Bank-supported investment reforms, or other measures, as appropriate. (b) Eligibility determinations (1) In general Consistent with subsection (a), the President shall determine whether a country is eligible to receive benefits under this subchapter. (2) Congressional notification The President shall notify the appropriate congressional committees of his intention to designate a country as an eligible country at least 15 days in advance of any formal deter- mination. (Pub. L. 87–195, pt. V, § 805, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 887; amended Pub. L. 107–26, § 1, Aug. 17, 2001, 115 Stat. 206; Pub. L. 115–440, § 5, Jan. 14, 2019, 132 Stat. 5582.) Editorial Notes PRIOR PROVISIONS A prior section 805 of Pub. L. 87–195, pt. V, enacted a provision set out as a note under former section 2431 of this title prior to repeal by Pub. L. 94–329, title IV, § 413(a), June 30, 1976, 90 Stat. 761. AMENDMENTS 2019—Subsec. (a). Pub. L. 115–440, § 5(1), substituted ‘‘tropical forest or coral reef’’ for ‘‘tropical forest’’ in introductory provisions. Subsec. (a)(1) to (7). Pub. L. 115–440, § 5(2), (3), added pars. (1) to (6), redesignated former par. (2) as (7), and struck out former par. (1) which read as follows: ‘‘whose government meets the requirements applicable to Latin American or Caribbean countries under para- graphs (1) through (5) and (7) of section 2430b(a) of this title; and’’. 2001—Subsec. (a)(2). Pub. L. 107–26 struck out ‘‘major’’ before ‘‘investment reforms,’’. 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 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 Title 7, Agriculture. § 2431d. Reduction of debt owed to United States as result of concessional loans under this chapter (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, 1998, 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) Authorization of appropriations For the cost (as defined in section 661a(5) of title 2) for the reduction of any debt pursuant to this section, there are authorized to be ap- propriated to the President— (A) $25,000,000 for fiscal year 1999; (B) $75,000,000 for fiscal year 2000; and (C) $100,000,000 for fiscal year 2001. (3) Certain prohibitions inapplicable (A) In general A reduction of debt pursuant to this sec- tion shall not be considered assistance for purposes of any provision of law limiting as- sistance to a country. (B) Additional requirement The authority of this section may be exer- cised notwithstanding section 2370(r) of this title or section 321 of the International De- velopment 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 of the type referred to in subsection (a) outstanding as of the date speci- fied in subsection (a)(1). (2) Exchange of obligations (A) In general The Facility shall notify the agency pri- marily responsible for administering sub- chapter I of this chapter of an agreement en- tered into under paragraph (1) with an eligi- ble country to exchange a new obligation for outstanding obligations. (B) Additional requirement At the direction of the Facility, the old obligations that are the subject of the agree- ment shall be canceled and a new debt obli- gation for the country shall be established relating to the agreement, and the agency primarily responsible for administering sub- chapter I of this chapter shall make an ad- justment in its accounts to reflect the debt reduction. (c) Additional terms and conditions (1) The following additional terms and condi- tions shall apply to the reduction of debt under subsection (a)(1) in the same manner as such terms and conditions apply to the reduction of debt under section 2430c(a)(1) of this title: (A) The provisions relating to repayment of principal under section 2430d of this title. (B) The provisions relating to interest on new obligations under section 2430e of this title. (2) In addition to the application of the provi- sions relating to repayment of principal under section 2430d of this title to the reduction of debt under subsection (a)(1) (in accordance with paragraph (1)(A) of this subsection), repayment of principal on a new obligation established under subsection (b) may be made in the local currency of the beneficiary country and depos- ited in the Conservation Fund of the country in the same manner as the provisions relating to payment of interest on new obligations under section 2430e of this title. (d) Authorization of appropriations for fiscal years after fiscal year 2001 For the cost (as defined in section 661a(5) of title 2) for the reduction of any debt pursuant to