republic-os/legal/us/code/title-12/chapter-6a/section-635i-8.md

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LegalText	12 U.S.C. § 635i–8	Special debt relief for poorest, most heavily indebted countries	us	united_states_code	code_section	12	BANKS AND BANKING	6A	EXPORT-IMPORT BANK OF THE UNITED STATES	635i–8	12 U.S.C. § 635i–8	current	119-100	2026-06-26	official	https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip	/us/usc/t12/s635i–8	data/legal/raw/us/code/title-12/usc12.xml	73e45a638a67519a7d0b0f1e33661b9af1f6d56fefc3042a75f1c0f72204a0f5	e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa	f06b87e4c1c9f9ab614c85e92eee6630435681ea433a29693c3d4bdc9c7738bb	2026-07-04	official	legal us-code

12 U.S.C. § 635i–8 - Special debt relief for poorest, most heavily indebted countries

Text

(a) Debt reduction authority The President may reduce amounts of principal and interest owed by any eligible country to the Bank as a result of loans or guarantees made under this subchapter.

(b) Limitations (1) Types of debt reduction The authority provided by subsection (a) may be exercised only to implement multilateral agreements to reduce the burden of official bilateral debt as set forth in the minutes of the so-called “Paris Club” (also known as “Paris Club Agreed Minutes”).

(2) Eligible countries (A) “Eligible country” defined As used in subsection (a), the term “eligible country” means any country that—

(i) has excessively burdensome external debt;

(ii) is eligible to borrow from the International Development Association; and

(iii) is not eligible to borrow from the International Bank for Reconstruction and Development.

(B) Determinations Subject to subparagraph (A), the President may determine whether a country is an eligible country for purposes of subsection (a).

(c) Conditions The authority provided by this section may be exercised only with respect to a country whose government—

(1) does not have an excessive level of military expenditures;

(2) has not repeatedly provided support for acts of international terrorism;

(3) is not failing to cooperate on international narcotics control matters; and

(4) (including its military or other security forces) does not engage in a consistent pattern of gross violations of internationally recognized human rights.

(d) Appropriations The authority provided by subsection (a) may be exercised only in such amounts or to such extent as is provided in advance in appropriations Acts.

(July 31, 1945, ch. 341, § 14, formerly § 11, as added Pub. L. 103–87, title V, § 570(b), Sept. 30, 1993, 107 Stat. 970; renumbered § 14, Pub. L. 103–428, § 2(b), Oct. 31, 1994, 108 Stat. 4376; Pub. L. 107–189, § 24(b)(6), June 14, 2002, 116 Stat. 709.)

Notes

Editorial Notes

Amendments2002—Subsec. (a). Pub. L. 107–189 substituted “principal” for “principle”.

Executive Documents

Delegation of Authority With Respect to Debt Reduction for Poorest Countries Memorandum of President of the United States, June 20, 1994, 59 F.R. 33413, provided: Memorandum for the Secretary of the Treasury By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 570 of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1994 (Public Law 103–87) (the “Act”) [enacting 12 U.S.C. 635i–8], section 14 of the Export-Import Bank Act of 1945 (12 U.S.C. 635—635i–8) [probably means 12 U.S.C. 635i–8], and section 301 of title 3 of the United States Code, it is hereby ordered as follows: 1. There are delegated to the Secretary of the Treasury, in consultation with the Secretary of State and the Secretary of Defense, the functions, authorities, and duties conferred upon the President by section 570(a) of the Act [107 Stat. 970]. 2. There are delegated to the Secretary of the Treasury, in consultation with the Secretary of State and the President of the Export-Import Bank, the functions, authorities, and duties conferred upon the President by section 570(b) of the Act and section 14(a) of the Export-Import Bank Act of 1945 (12 U.S.C. 635—635i–8). The Secretary of the Treasury is authorized and directed to publish this memorandum in the Federal Register. William J. Clinton.