Page:United States Statutes at Large Volume 106 Part 4.djvu/930

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106 STAT. 3666 PUBLIC LAW 102-549—OCT. 28, 1992 "(B) The authority of this section may be exercised notwithstsuiding 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 outstanding as of the date specified in subsection (a)(l). "(2) EXCHANGE OP OBLIGATIONS. —The Facility shall notify the agency primarily responsible for administering part I of this Act of the agreement with an eligible country to exchange a new obligation for outstanding obligations pursuant to this subsection. At the direction of the Facility, the old obligations shall be canceled and a new debt obligation for the coiuitry shall be established, and the agency primeuily responsible for administering part I of this Act shall make an adjustment in its accounts to reflect the debt reduction. 22 USC 2430d. " SEC. 705. REPAYMENT OF PRINCIPAL. "(a) CURRENCY OP PAYMENT.— The principal amount of each new obligation issued pursuant to section 704(b) shall be repaid inUnitedStates dollars. "(b) DEPOSIT OP PAYMENTS.— Principal repayments of new obligations shall be deposited in the United States Government account established for principal repayments of the obligations for which those obligations were exchanged. 22 USC 2430e. SEC. 706. INTEREST ON NEW OBLIGATIONS. "(a) RATE OP INTEREST.— New obligations issued by a beneficiary country pursuant to section 704(b) shall bear interest at a concessional rate. "(b) CURRENCY OP PAYMENT; DEPOSITS. — "(1) LOCAL CURRENCY. — If the beneficicuy country has entered into an Americas Framework Agreement, interest shall be paid in the local currency of the TOneficiary country and deposited in an Americas Fund. Such interest shall be the property of the beneficiary country, until such time as it is disbursed pursuant to section 707(d). Such local currencies shall be used for the purposes specified in the Americas Framework Agreement. "(2) UNITED STATES DOLLARS.— If the beneficiary country has not entered into an Americas Framework Agreement, interest shall be paid in United States dollars and deposited in the United States Government account established for interest payments of the obligations for which the new obligations were exchanged. "(c) INTEREST ALREADY PAID. —If a beneficiary country enters into an Americas Framework Agreement subsequent to the date on which interest first became due on the newly issued obligation, any interest already paid on such new obligation shall not be redeposited into the Americas Fund established for that country. 22 USC 2430f. '«EC. 707. ENTERPRISE FOR THE AMERICAS FUNDS. "(a) ESTABLISHMENT.— Each beneficiary country that enters into an Americas Framework Agreement shall be required to esteblish an Enterprise for the Americcis Fund to receive payments in local currency pursuant to section 706(b)(l).