22 USC 2431d - Reduction of debt owed to United States as result of concessional loans under this chapter

U.S Code last checked for updates: May 05, 2024

§ 2431d.

Reduction of debt owed to United States as result of concessional loans under this chapter

(a)

Authority to reduce debt

(1)

Authority

(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 appropriated 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

(B)

Additional requirement

(b)

Implementation of debt reduction

(1)

In general

(2)

Exchange of obligations

(A)

In general

(B)

Additional requirement

(c)

Additional terms and conditions

(1)

The following additional terms and conditions 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 provisions 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 deposited 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 this section or section 2431e of this title, there are authorized to be appropriated to the President 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, evaluations, monitoring, and administration

(Pub. L. 87–195, pt. V, § 806, as added Pub. L. 105–214, § 1, July 29, 1998,

cite as: 22 USC 2431d