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U.S. Code as of:
01/19/04
Section 635i-8. Special debt relief for poorest, most heavily indebted countries
(a) Debt reduction authority
The President may reduce amounts of principal and interest owed
by any eligible country to the Bank as a result of loans or
guarantees made under this subchapter.
(b) Limitations
(1) Types of debt reduction
The authority provided by subsection (a) of this section may be
exercised only to implement multilateral agreements to reduce the
burden of official bilateral debt as set forth in the minutes of
the so-called "Paris Club" (also known as "Paris Club Agreed
Minutes").
(2) Eligible countries
(A) "Eligible country" defined
As used in subsection (a) of this section, the term "eligible
country" means any country that -
(i) has excessively burdensome external debt;
(ii) is eligible to borrow from the International
Development Association; and
(iii) is not eligible to borrow from the International Bank
for Reconstruction and Development.
(B) Determinations
Subject to subparagraph (A), the President may determine
whether a country is an eligible country for purposes of
subsection (a) of this section.
(c) Conditions
The authority provided by this section may be exercised only with
respect to a country whose government -
(1) does not have an excessive level of military expenditures;
(2) has not repeatedly provided support for acts of
international terrorism;
(3) is not failing to cooperate on international narcotics
control matters; and
(4) (including its military or other security forces) does not
engage in a consistent pattern of gross violations of
internationally recognized human rights.
(d) Appropriations
The authority provided by subsection (a) of this section may be
exercised only in such amounts or to such extent as is provided in
advance in appropriations Acts.
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