7 U.S.C. § 1736e
Sections in this chapter
- § 1
- § 2
- § 3
- § 6
- § 1691
- § 1691a
- § 1692
- § 1697
- § 1701
- § 1702
- § 1703
- § 1704
- § 1704a
- § 1704b
- § 1704c
- § 1706
- § 1707
- § 1707a
- § 1707d
- § 1715
- § 1721
- § 1722
- § 1723
- § 1724
- § 1725
- § 1726
- § 1726b
- § 1726a
- § 1726c
- § 1727
- § 1727a
- § 1727b
- § 1727c
- § 1727d
- § 1727e
- § 1727g
- § 1728
- § 1728a
- § 1728b
- § 1731
- § 1732
- § 1733
- § 1734
- § 1735
- § 1736
- § 1736a
- § 1736aa
- § 1736b
- § 1736cc
- § 1736d
- § 1736dd
- § 1736e
- § 1736f
- § 1736g
- § 1736h
- § 1736k
- § 1736l
- § 1736n
- § 1736o
- § 1736p
- § 1736q
- § 1736r
- § 1736t
- § 1736u
- § 1736x
- § 1736y
- § 1737
- § 1738
- § 1738a
- § 1738b
- § 1738c
- § 1738d
- § 1738e
- § 1738g
- § 1738f
- § 1738h
- § 1738i
- § 1738j
- § 1738k
- § 1738l
- § 1738n
- § 1738m
- § 1738o
- § 1738p
- § 1738q
- § 1738r
§ 1736e. Debt forgiveness
- (a) The President, taking into account the financial resources of a country, may waive payments of principal and interest that such country would otherwise be required to make to the Commodity Credit Corporation under dollar sales agreements under subchapter II if—
- (1) that country is a least developed country; and
- (2) either—
- (A) an International Monetary Fund standby agreement is in effect with respect to that country;
- (B) a structural adjustment program of the International Bank for Reconstruction and Development or of the International Development Association is in effect with respect to that country;
- (C) a structural adjustment facility, enhanced structural adjustment facility, or similar supervised arrangement with the International Monetary Fund is in effect with respect to that country; or
- (D) even though such an agreement, program, facility, or arrangement is not in effect, the country is pursuing national economic policy reforms that would promote democratic, market-oriented, and long term economic development.
- (b) The President may provide debt relief under subsection (a) only if a notification is submitted to Congress at least 10 days prior to providing the debt relief. Such a notification shall—
- (1) specify the amount of official debt the President proposes to liquidate; and
- (2) identify the countries for which debt relief is proposed and the basis for their eligibility for such relief.
- (c) The aggregate amount of principal and interest waived under this section may not exceed the amount approved for such purpose in an Act appropriating funds to carry out this chapter.
- (d) If the authority of this section is used to waive payments otherwise required to be made by a country pursuant to this chapter, the President may not provide any new credit assistance for that country under this chapter during the 2-year period beginning on the date such waiver authority is exercised, unless the President provides to the Congress, before the assistance is provided, a written justification for the provision of such new credit assistance.
- (e) The authority of this section applies with respect to credit sales agreements entered into before November 28, 1990 .
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