Page:United States Statutes at Large Volume 118.djvu/3053

 118 STAT. 3023 PUBLIC LAW 108–447—DEC. 8, 2004 Commodity Credit Corporation Charter Act of June 29, 1948, as amended, section 4(b) of the Food for Peace Act of 1966, as amended (Public Law 89–808), or section 202 of the Agricul tural Trade Act of 1978, as amended (Public Law 95–501). (b) LIMITATIONS.— (1) The authority provided by subsection (a) may be exer cised only to implement multilateral official debt relief and referendum agreements, commonly referred to as ‘‘Paris Club Agreed Minutes’’. (2) The authority provided by subsection (a) may be exer cised only in such amounts or to such extent as is provided in advance by appropriations Acts. (3) The authority provided by subsection (a) may be exer cised only with respect to countries with heavy debt burdens that are eligible to borrow from the International Development Association, but not from the International Bank for Reconstruction and Development, commonly referred to as ‘‘IDA only’’ countries. (c) CONDITIONS.—The authority provided by subsection (a) may be exercised only with respect to a country whose government— (1) does not have an excessive level of military expendi tures; (2) has not repeatedly provided support for acts of inter national terrorism; (3) is not failing to cooperate on international narcotics control matters; (4) (including its military or other security forces) does not engage in a consistent pattern of gross violations of inter nationally recognized human rights; and (5) is not ineligible for assistance because of the application of section 527 of the Foreign Relations Authorization Act, Fiscal Years 1994 and 1995. (d) AVAILABILITY OF FUNDS.—The authority provided by sub section (a) may be used only with regard to the funds appropriated by this Act under the heading ‘‘Debt Restructuring’’. (e) CERTAIN PROHIBITIONS INAPPLICABLE.—A reduction of debt pursuant to subsection (a) shall not be considered assistance for the purposes of any provision of law limiting assistance to a country. The authority provided by subsection (a) may be exercised notwith standing section 620(r) of the Foreign Assistance Act of 1961 or section 321 of the International Development and Food Assistance Act of 1975. AUTHORITY TO ENGAGE IN DEBT BUYBACKS OR SALES SEC. 566. (a) LOANS ELIGIBLE FOR SALE, REDUCTION, OR CAN CELLATION.— (1) AUTHORITY TO SELL, REDUCE, OR CANCEL CERTAIN LOANS.—Notwithstanding any other provision of law, the Presi dent may, in accordance with this section, sell to any eligible purchaser any concessional loan or portion thereof made before January 1, 1995, pursuant to the Foreign Assistance Act of 1961, to the government of any eligible country as defined in section 702(6) of that Act or on receipt of payment from an eligible purchaser, reduce or cancel such loan or portion thereof, only for the purpose of facilitating— (A) debt for equity swaps, debt for development swaps, or debt for nature swaps; or

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