12 USC 635i-8 - Special debt relief for poorest, most heavily indebted countries

U.S Code last checked for updates: Nov 22, 2024

§ 635i–8.

Special debt relief for poorest, most heavily indebted countries

(a)

Debt reduction authority

(b)

Limitations

(1)

Types of debt reduction

(2)

Eligible countries

(A)

“Eligible country” defined

As used in subsection (a), 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

(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

(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.)

cite as: 12 USC 635i-8