Page:United States Statutes at Large Volume 123.djvu/3378

 123STA T . 33 58PUBLIC LA W 111 – 11 7—DE C.1 6, 2 0 0 9to o p po seanyl oan ,gr ant, strategy or pol ic yo f s u c h institution that w oul d re q uire user fees or ser v ice charges on poor people for pri m ary education or primary healthcare, including prevention, care and treatment for HIV/A I DS , malaria, tu b erculosis, and infant, child, and maternal health, in connection with the institutions ’ financing programs .( c )T he Secretary of the Treasury shall instruct the U nited States Ex ecutive Director of the International M onetary F und (the Fund) to use the voice and vote of the United States to oppose any loan, pro j ect, agreement, memorandum, instrument, plan, or other program of the Fund to a Heavily Indebted P oor C ountry that imposes budget caps or restraints that do not allow the mainte - nance of or an increase in governmental spending on health care or education and to promote government spending on health care, education, food aid, or other critical safety net programs in all of the Fund’s activities with respect to Heavily Indebted Poor Coun- tries. (d) For purposes of this section ‘ ‘international financial institu- tions’’ are the International B an k for R econstruction and Develop- ment, the Inter-American Development Bank, the Asian Develop- ment Bank, the Asian Development Fund, the African Development Bank, the African Development Fund, the International Monetary Fund, the N orth American Development Bank, and the European Bank for Reconstruction and Development. DEBT - FOR -DE V E L O PM E N T SE C . 7031 . In order to enhance the continued participation of nongovernmental organi z ations in debt-for-development and debt- for-nature exchanges, a nongovernmental organization which is a grantee or contractor of the United States Agency for International Development may place in interest bearing accounts local currencies which accrue to that organization as a result of economic assistance provided under title III of this Act and, subject to the regular notification procedures of the Committees on Appropriations, any interest earned on such investment shall be used for the purpose for which the assistance was provided to that organization. AU T H OR I T Y TO EN G AGE IN DEBT BUYBAC KS OR SALES SEC. 703 2 . (a) L OANS 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 J anuary 1, 1 9 9 5, pursuant to the Foreign Assistance Act of 19 6 1, 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 (B) a debt buyback by an eligible country of its own qualified debt, only if the eligible country uses an additional amount of the local currency of the eligible country, equal to not less than 4 0 percent of the price paid for such debt by such eligible country, or the difference between Notif i ca tio n.