Page:United States Statutes at Large Volume 106 Part 2.djvu/812

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106 STAT. 1692 PUBLIC LAW 102-391—OCT. 6, 1992 Eiirasian, and Eastern European research and training, notwithstanding any other provision of law. DEBT RESTRUCTURING SEC. 594. (a) DEBT REDUCTION. —Part I of the Foreign Assistance Act of 1961 (22 U.S.C. 2151 et seq.) is amended by adding at the end the following new chapter: "CHAPTER 12—ENTERPRISE FOR THE AMERICAS INITIATIVE 22 USC 2296. "SEC. 499. REDUCTION OF CERTAIN DEBT. "(a) AUTHORITY To REDUCE DEBT.—(1) 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, 1992, as a result of concessional loans made to an eligible country by the United States under part I or chapter 4 of part II of the Foreign Assistance Act of 1961 (or predecessor foreign economic assistance legislation). "(2) The authorities of this section may be exercised only in such amounts or to such extent as is specifically provided in advance by appropriations Acts. "(3) Any debt reduction pursuant to this section shall be accomplished at the direction of the Facility established pursuant to section 601 of the Agricultural Trade Development and Assistance Act of 1954, as amended, in a manner consistent with sections 604 (b) and (c) of that Act. "(b) ELIGIBILITY FOR DEBT REDUCTION.— (1) In addition to meeting the requirements of section 603(a) of that Act, to be eligible for debt reduction under this section a country must have a government that is democratically elected, not repeatedly providing support for acts of international terrorism, not failing to cooperate on international narcotics control matters, and not engaging in a consistent pattern of gross violations of internationaly recognized human rights. President. "(2) The President shall determine whether a country is eligible for debt reduction under this section. "(c) REPAYMENT OF PRINCIPAL.— The principal amount of each new obligation issue pursuant to subsection (a) shall be repaid in United States dollars and deposited in the appropriate United States Government account. "(d) INTEREST ON NEW OBLIGATIONS. — Interest on each new obligation issued pursuant to subsecticm (a) shall be paid consistent with section 606 of that Act: Provided, That— "(1) in addition to those set forth in section 612(a) of that Act, activities eligible to receive assistance from a fund established consistent with section 608 of that Act shall include child survival and other child development activities; "(2) in addition to those set forth in section 612(d) of that Act, entities eligible for grants from such a fund shall include nongovernmental child survival or child development organizations; "(3) the administering body established consistent with section 607(c) of that Act shall include at least one representative from a nongovernmental organization with experience and expertise in child survival or child development; and