22 USC 262p-4c - Initiation of discussions to facilitate debt-for-development swaps for human welfare and environmental conservation

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

§ 262p–4c.

Initiation of discussions to facilitate debt-for-development swaps for human welfare and environmental conservation

(a)

Findings

The Congress finds that—

(1)

voluntary debt-for-development swaps in heavily indebted developing nations can simultaneously facilitate reduction of the burden of external indebtedness and increase the resources available within the country for charitable, educational, and scientific purposes, including environmental conservation, education, human welfare, health, agricultural research and development, microenterprise credit, and development of indigenous nonprofit organizations; and

(2)

heavily indebted developing countries may desire to facilitate such swaps to the maximum extent consistent with sound domestic economic management and minimization of inflationary impact.

(b)

Initiation of discussions to facilitate debt-for-development swaps for human welfare and environmental conservation

(1)

In general

(2)

Definitions

As used in this section:

(A)

Debt-for-development swap

(B)

Qualified debt

The term “qualified debt” means—

(i)

sovereign debt issued by a foreign government;

(ii)

debt owed by private institutions in the country governed by such foreign government; and

(iii)

debt owed by institutions in the country governed by such foreign government, which are owned, in part, by private persons and, in part, by public institutions.

(Pub. L. 95–118, title XVI, § 1608, as added Pub. L. 100–461, title V, § 555, Oct. 1, 1988, 102 Stat. 2268–36.)

cite as: 22 USC 262p-4c