§ 635i-8. — Special debt relief for poorest, most heavily indebted countries.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC635i-8]
TITLE 12--BANKS AND BANKING
CHAPTER 6A--EXPORT-IMPORT BANK OF THE UNITED STATES
SUBCHAPTER I--GENERAL PROVISIONS
Sec. 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.
(July 31, 1945, ch. 341, Sec. 14, formerly Sec. 11, as added Pub. L.
103-87, title V, Sec. 570(b), Sept. 30, 1993, 107 Stat. 970; renumbered
Sec. 14, Pub. L. 103-428, Sec. 2(b), Oct. 31, 1994, 108 Stat. 4376; Pub.
L. 107-189, Sec. 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.
