22 USC 2431e - Reduction of debt owed to United States as result of credits extended under title I of Food for Peace Act

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

§ 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

(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 pursuant 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

(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 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 provisions 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 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 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.)

cite as: 22 USC 2431e