12-U.S.C.-635I-8

12-U.S.C.-635I-8

§635I-8 – §635I-8. Special Debt Relief For Poorest, Most Heavily Indebted Countries

Pathway

Title 12 > Chapter 6A > Subchapter I > Section 635i-8

Details

  • Reference: Section 635i-8
  • Legend: §635I-8 – §635I-8. Special Debt Relief For Poorest, Most Heavily Indebted Countries
  • USCode Year: 2013

Provision Content

(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.

(July 31, 1945, ch. 341, §14, formerly §11, as added Pub. L. 103–87, title V, §570(b), Sept. 30, 1993, 107 Stat. 970; renumbered §14, Pub. L. 103–428, §2(b), Oct. 31, 1994, 108 Stat. 4376; Pub. L. 107–189, §24(b)(6), June 14, 2002, 116 Stat. 709.)

Amendments

2002—Subsec. (a). Pub. L. 107–189 substituted principal for principle.

Delegation of Authority With Respect to Debt Reduction for Poorest Countries

Memorandum of President of the United States, June 20, 1994, 59 F.R. 33413, provided:

Memorandum for the Secretary of the Treasury

By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 570 of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1994 (Public Law 103–87) (the Act) [enacting 12 U.S.C. 635i–8], section 14 of the Export-Import Bank Act of 1945 (12 U.S.C. 635—635i–8) [probably means 12 U.S.C. 635i–8], and section 301 of title 3 of the United States Code, it is hereby ordered as follows:

1. There are delegated to the Secretary of the Treasury, in consultation with the Secretary of State and the Secretary of Defense, the functions, authorities, and duties conferred upon the President by section 570(a) of the Act [107 Stat. 970].

2. There are delegated to the Secretary of the Treasury, in consultation with the Secretary of State and the President of the Export-Import Bank, the functions, authorities, and duties conferred upon the President by section 570(b) of the Act and section 14(a) of the Export-Import Bank Act of 1945 (12 U.S.C. 635—635i–8).

The Secretary of the Treasury is authorized and directed to publish this memorandum in the Federal Register.

William J. Clinton.   

U.S. Encyclopedia of Law Coverage

12-U.S.C.-635I-5 in the Legal Encyclopedia: Banking Law

In this entry about 12-U.S.C.-635I-5, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.

12-U.S.C.-635I-3 in the Legal Encyclopedia: Imports

In this entry about 12-U.S.C.-635I-3, find legal reference material, bibliographies and premiere content related to imports in the American Encyclopedia of Law, presenting a comprehensive view of the United States imports-specific issues, written by authorities in the field.

12-U.S.C.-635A-4 in the Legal Encyclopedia: Exports

In this entry about 12-U.S.C.-635A-4, find legal reference material, bibliographies and premiere content related to exports in the American Encyclopedia of Law, presenting a comprehensive view of the United States exports-specific issues, written by authorities in the field.

12-U.S.C.-635I-7 in the Legal Encyclopedia: Export Import Bank of the United States

In this entry about 12-U.S.C.-635I-7, find legal reference material, bibliographies and premiere content related to export import bank of the united states in the American Encyclopedia of Law, presenting a comprehensive view of the United States export import bank of the united states-specific issues, written by authorities in the field.

Topic Map


Posted

in

,

by

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *