Page:United States Statutes at Large Volume 112 Part 1.djvu/914

 112 STAT. 888 PUBLIC LAW 105-214 -^JULY 29, 1998 "(3) CERTAIN PROHIBITIONS INAPPLICABLE. — "(A) IN GENERAL. —^A reduction of debt pursueint to this section shall not be considered assistance for purposes of any provision of law limiting assistance to a country. "(B) ADDITIONAL REQUIREMENT. — The authority of this section may be exercised notwithstanding section 620(r) of this Act or section 321 of the International Development and Food Assistance Act of 1975. "(b) IMPLEMENTATION OF DEBT REDUCTION. — "(1) IN GENERAL.— Any debt reduction pursuant to subsection (a) shall be accomplished at the direction of the Facility by the exchange of a new obligation for obligations of the t3^e referred to in subsection (a) outstanding as of the date specified in subsection (a)(1), "(2) EXCHANGE OF OBLIGATIONS.— Notification. "(A) IN GENERAL. —The Facility shall notify the agency primarily responsible for administering part I of this Act of an agreement entered into under paragraph (1) with an eligible country to exchange a new obligation for outstanding obligations. "(B) ADDITIONAL REQUIREMENT.— At the direction of the Facility, the old obligations that are the subject of the agreement shall be canceled and a new debt obligation for the country shall be established relating to the ajgreement, and the agency primarily responsible for administering part I of this Act shall make an adjustment in its accounts to reflect the debt reduction. i^plicabliity. "(c) ADDITIONAL TERMS AND CONDITIONS. —The following additional terms and conditions shall apply to the reduction of debt under subsection (a)(1) in the same manner as such terms and conditions apply to the reduction of debt under section 704(a)(1) of this Act: "(1) The provisions relating to repayment of principal under section 705 of this Act. "(2) The provisions relating to interest on new obligations under section 706 of this Act. 22 USC 2431e. 'SEC. 807. REDUCTION OF DEBT OWED TO THE UNITED STATES AS A RESULT OF CREDITS EXTENDED UNDER TITLE I OF THE AGRICULTURAL TRADE DEVELOPMENT AND ASSIST- ANCE ACT OF 1954. "(a) AUTHORITY To REDUCE DEBT.— "(1) AUTHORITY.— Notwithstanding any other provision of law, the President may reduce the amount owed to the United States (or any agency of the United States) that is outstanding as of January 1, 1998, as a result of any credits extended under title I of the Agricultural Trade Development and Assistance Act of 1954 (7 U.S.C. 1701 et seq.) to a country eligible for benefits from the Facility. "(2) AUTHORIZATION OF APPROPRIATIONS.— "(A) IN GENERAL.—For the cost (as defined in section 502(5) of the Federal Credit Reform Act of 1990) for the .J reduction of any debt pursuant to this section, there are - authorized to be appropriated to the President— "(i) $25,000,000 for fiscal year 1999; "(ii) $50,000,000 for fiscal year 2000; and "(iii) $50,000,000 for fiscal year 2001.

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