22 U.S.C. § 2431e — Reduction of debt owed to United States

Page 954 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 2431e this section or section 2431e of this title, there are authorized to be appropriated to the Presi- dent the following: (1) $50,000,000 for fiscal year 2002. (2) $75,000,000 for fiscal year 2003. (3) $100,000,000 for fiscal year 2004. (4) $20,000,000 for fiscal year 2005. (5) $25,000,000 for fiscal year 2006. (6) $30,000,000 for fiscal year 2007. (7) $20,000,000 for fiscal year 2019. (8) $20,000,000 for fiscal year 2020. (9) $20,000,000 for fiscal year 2023. (10) $20,000,000 for fiscal year 2024. (11) $20,000,000 for fiscal year 2025. (12) $20,000,000 for fiscal year 2026. (13) $20,000,000 for fiscal year 2027. (e) Use of funds to conduct program audits, eval- uations, monitoring, and administration Of the amounts made available to carry out this subchapter for a fiscal year, $300,000 is au- thorized to be made available to carry out au- dits, evaluations, monitoring, and administra- tion of programs under this subchapter, includ- ing personnel costs associated with such audits, evaluations, monitoring and administration. (Pub. L. 87–195, pt. V, § 806, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 887; amended Pub. L. 107–26, § 2(a), Aug. 17, 2001, 115 Stat. 206; Pub. L. 108–323, §§ 1–3(a), Oct. 6, 2004, 118 Stat. 1218; Pub. L. 115–440, §§ 9(b)(2), 11, Jan. 14, 2019, 132 Stat. 5584; Pub. L. 117–263, div. E, title LV, § 5587, Dec. 23, 2022, 136 Stat. 3375.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in section catchline, was in the original ‘‘the Foreign Assistance Act of 1961’’, meaning Pub. L. 87–195, Sept. 4, 1961, 75 Stat. 424, which is classified principally to this chapter (§ 2151 et seq.). For complete classification of the Act to the Code, see Short Title note set out under section 2151 of this title and Tables. Section 321 of the International Development and Food Assistance Act of 1975, referred to in subsec. (a)(3)(B), is section 321 of Pub. L. 94–161, Dec. 20, 1975, 89 Stat. 868, which is set out as a note under section 2220a of this title. PRIOR PROVISIONS A prior section 806 of Pub. L. 87–195, pt. V, was classi- fied to section 2435 of this title prior to repeal by Pub. L. 94–329. AMENDMENTS 2022—Subsec. (d)(9) to (13). Pub. L. 117–263 added pars. (9) to (13). 2019—Subsec. (c)(2). Pub. L. 115–440, § 9(b)(2), sub- stituted ‘‘Conservation Fund’’ for ‘‘Tropical Forest Fund’’. Subsec. (d)(7), (8). Pub. L. 115–440, § 11(1), added pars. (7) and (8). Subsec. (e). Pub. L. 115–440, § 11(2), amended subsec. (e) generally. Prior to amendment, text read as follows: ‘‘Of the amounts made available to carry out this sub- chapter for a fiscal year, $200,000 is authorized to be made available to carry out audits and evaluations of programs under this subchapter, including personnel costs associated with such audits and evaluations.’’ 2004—Subsec. (c). Pub. L. 108–323, § 3(a), designated ex- isting provisions as par. (1), redesignated former pars. (1) and (2) as subpars. (A) and (B), respectively, of par. (1), and added par. (2). Subsec. (d)(4) to (6). Pub. L. 108–323, § 1, added pars. (4) to (6). Subsec. (e). Pub. L. 108–323, § 2, added subsec. (e). 2001—Subsec. (d). Pub. L. 107–26 added subsec. (d). Statutory Notes and Related Subsidiaries REFERENCES TO SUBCHAPTER I DEEMED TO INCLUDE CERTAIN PARTS OF SUBCHAPTER II References to subchapter I of this chapter are deemed to include parts IV (§ 2346 et seq.), VI (§ 2348 et seq.), and VIII (§ 2349aa et seq.) of subchapter II of this chapter, and references to subchapter II are deemed to exclude such parts. See section 202(b) of Pub. L. 92–226, set out as a note under section 2346 of this title, and sections 2348c and 2349aa–5 of this title. 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. (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 Title 7, Agriculture. § 2431e. Reduction of debt owed to United States as result of credits extended under title I of Food for Peace Act (a) Authority to reduce debt (1) Authority Notwithstanding any other provision of law, the President may reduce the amount owed to the United States (or any agency of the United States) that is outstanding as of January 14, 2019, as a result of any credits extended under title I of the Food for Peace Act (7 U.S.C. 1701 et seq.) to a country eligible for benefits from the Facility. (2) Authorization of appropriations (A) In general For the cost (as defined in section 661a(5) of title 2) for the reduction of any debt pur- suant to this section, there are authorized to be appropriated to the President— (i) $25,000,000 for fiscal year 1999; (ii) $50,000,000 for fiscal year 2000; and (iii) $50,000,000 for fiscal year 2001. (B) Limitation The authority provided by this section shall be available only to the extent that ap- propriations for the cost (as defined in sec- tion 661a(5) of title 2) of the modification of any debt pursuant to this section are made in advance. (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 Commodity Credit Corporation of an agreement entered Page 955 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 2431f into under paragraph (1) with an eligible 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 shall be established for the country relating to the agreement, and the Com- modity Credit Corporation 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 604(a)(1) of the Food for Peace Act [7 U.S.C. 1738c(a)(1)]: (A) The provisions relating to repayment of principal under section 605 of such Act [7 U.S.C. 1738d]. (B) The provisions relating to interest on new obligations under section 606 of such Act [7 U.S.C. 1738e]. (2) In addition to the application of the provi- sions relating to repayment of principal under section 605 of the Food for Peace Act [7 U.S.C. 1738d] 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 bene- ficiary country and deposited in the Conserva- tion Fund of the country in the same manner as the provisions relating to payment of interest on new obligations under section 606 of such Act [7 U.S.C. 1738e]. (Pub. L. 87–195, pt. V, § 807, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 888; amended Pub. L. 108–323, § 3(b), Oct. 6, 2004, 118 Stat. 1219; Pub. L. 110–246, title III, § 3001(b)(1), (2)(Q), June 18, 2008, 122 Stat. 1820; Pub. L. 115–440, §§ 6, 9(b)(3), Jan. 14, 2019, 132 Stat. 5582, 5584.) Editorial Notes REFERENCES IN TEXT The Food for Peace Act, referred to in subsec. (a)(1), is act July 10, 1954, ch. 469, 68 Stat. 454. Title I of the Act is classified generally to subchapter II (§ 1701 et seq.) of chapter 41 of Title 7, Agriculture. For complete classification of this Act to the Code, see Short Title note set out under section 1691 of Title 7 and Tables. AMENDMENTS 2019—Subsec. (a)(1). Pub. L. 115–440, § 6, substituted ‘‘outstanding as of January 14, 2019,’’ for ‘‘outstanding as of January 1, 1998,’’. Subsec. (c)(2). Pub. L. 115–440, § 9(b)(3), substituted ‘‘Conservation Fund’’ for ‘‘Tropical Forest Fund’’. 2008—Pub. L. 110–246 substituted ‘‘Food for Peace Act’’ for ‘‘Agricultural Trade Development and Assist- ance Act of 1954’’ in section catchline and wherever ap- pearing in subsecs. (a)(1) and (c). 2004—Subsec. (c). Pub. L. 108–323 designated existing provisions as par. (1), redesignated former pars. (1) and (2) as subpars. (A) and (B), respectively, of par. (1), and added par. (2). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2008 AMENDMENT Amendment by Pub. L. 110–246 effective May 22, 2008, see section 4(b) of Pub. L. 110–246, set out as an Effec- tive Date note under section 8701 of Title 7, Agri- culture. 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. (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 Title 7, Agriculture. § 2431f. Authority to engage in debt-for-nature swaps and debt buybacks (a) Loans and credits eligible for sale, reduction, or cancellation (1) Debt-for-nature swaps (A) In general Notwithstanding any other provision of law, the President may, in accordance with this section, sell to any eligible purchaser described in subparagraph (B) any concessional loans described in section 2431d(a)(1) of this title or any credits de- scribed in section 2431e(a)(1) of this title, or on receipt of payment from an eligible pur- chaser described in subparagraph (B), reduce or cancel such loans (or credits) or portion thereof, only for the purpose of facilitating a debt-for-nature swap to support eligible ac- tivities described in section 2431g(d) of this title. (B) Eligible purchaser described A loan or credit may be sold, reduced, or canceled under subparagraph (A) only to a purchaser who presents plans satisfactory to the President for using the loan or credit for the purpose of engaging in debt-for-nature swaps to support eligible activities described in section 2431g(d) of this title. (C) Consultation requirement Before the sale under subparagraph (A) to any eligible purchaser described in subpara- graph (B), or any reduction or cancellation under such subparagraph (A), of any loan or credit made to an eligible country, the President shall consult with the country concerning the amount of loans or credits to be sold, reduced, or canceled and their uses for debt-for-nature swaps to support eligible activities described in section 2431g(d) of this title. (D) Authorization of appropriations For the cost (as defined in section 661a(5) of title 2) for the reduction of any debt pur- suant to subparagraph (A), amounts author- ized to be appropriated under sections 2431d(a)(2), 2431e(a)(2), and 2431d(d) of this title shall be made available for such reduc- tion of debt pursuant to subparagraph (A). (2) Debt buybacks Notwithstanding any other provision of law, the President may, in accordance with this