Page:United States Statutes at Large Volume 107 Part 1.djvu/997

 PUBLIC LAW 103-87 —SEPT. 30, 1993 107 STAT. 971 <«£€. 11. SPECIAL DEBT RELIEF FOR THE POOREST, MOST HEAVILY INDEBTED COUNTRIES. "(a) DEBT REDUCTION AUTHORITY.— The President may reduce amounts of principle and interest owed by any eligible country to the Bank as a result of loans or guarantees made under this Act. "(b) LIMITATIONS.— "(1) TYPES OF DEBT REDUCTION.—The authority provided by subsection (a) 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.— 'eligible country' means any country that— "(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. the President may determine whether a country is an eligible country for purposes of subsection (a). "(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 internationaly recognized human rights. "(d) APPROPRIATIONS. — The authority provided by subsection (a) may be exercised only in such amounts or to such extent as is provided in advance in appropriations Acts.". (c) SENSE OF CONGRESS. —I t is the sense of Congress that the President should seriously consider requesting debt reduction funds sufficient to provide debt reduction to eligible countries in accordance with the so-called Trinidad Terms". GUARANTEES SEC. 571. Section 251(b) of the Balanced Budget and Emergency Deficit Control Act of 1985 is amended by inserting after subpara- 2 USC 901. graph (2KF) the following new subparagraph: "(G) NET GUARANTEE COSTS. —The net costs for fiscal year 1994 of the appropriation made under section 601 of Public Law 102-391 are not subject to the discretionary spending limits or the Appropriations Committee's Foreign Operations Subcommittee's 602(b) allocation in fiscal year 1994.". FOREIGN MILITARY FINANCING DIRECT COMMERCIAL SALES POLICY SEC. 572. The Secretary of Defense shall not implement changes in longstanding policy allowing use of Foreign Military Financing for direct commercial sales unless and until all parties affected
 * (A) DEFINITION.— As used in subsection (a), the term
 * (i) has excessively burdensome external debt;
 * (B) DETERMINATIONS.—Subject to subparagraph (A),

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