republic-os/legal/us/code/title-22/chapter-32/section-2431e.md

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LegalText	22 U.S.C. § 2431e	Reduction of debt owed to United States as result of credits extended under title I of Food for Peace Act	us	united_states_code	code_section	22	FOREIGN RELATIONS AND INTERCOURSE	32	FOREIGN ASSISTANCE	2431e	22 U.S.C. § 2431e	current	119-100	2026-06-26	official	https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc22@119-100.zip	/us/usc/t22/s2431e	data/legal/raw/us/code/title-22/usc22.xml	55b4be74cada2f19a69a5c6fa2bb1596b0e348ca20f941d29cfc5ee81394b6f1	b9c63ede722f5e0bf8eabfe9029e06e312ab9bcfd95c4d1424ed515baff1df83	65998071fde2021ac6184f3f63964128fa69919d46c1897e76d9e18ffdf0df7c	2026-07-04	official	legal us-code

22 U.S.C. § 2431e - Reduction of debt owed to United States as result of credits extended under title I of Food for Peace Act

Text

(a) Authority to reduce debt (1) Authority Notwithstanding any other provision of law, the President may reduce the amount owed to the United States (or any agency of the United States) that is outstanding as of January 14, 2019, as a result of any credits extended under title I of the Food for Peace Act (7 U.S.C. 1701 et seq.) to a country eligible for benefits from the Facility.

(2) Authorization of appropriations (A) In general For the cost (as defined in section 661a(5) of title 2) for the reduction of any debt pursuant to this section, there are authorized to be appropriated to the President—

(i) $25,000,000 for fiscal year 1999;

(ii) $50,000,000 for fiscal year 2000; and

(iii) $50,000,000 for fiscal year 2001.

(B) Limitation The authority provided by this section shall be available only to the extent that appropriations for the cost (as defined in section 661a(5) of title 2) of the modification of any debt pursuant to this section are made in advance.

(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 of the type referred to in subsection (a) outstanding as of the date specified in subsection (a)(1).

(2) Exchange of obligations (A) In general The Facility shall notify the Commodity Credit Corporation of an agreement entered into under paragraph (1) with an eligible country to exchange a new obligation for outstanding obligations.

(B) Additional requirement At the direction of the Facility, the old obligations that are the subject of the agreement shall be canceled and a new debt obligation shall be established for the country relating to the agreement, and the Commodity Credit Corporation shall make an adjustment in its accounts to reflect the debt reduction.

(c) Additional terms and conditions (1) The following additional terms and conditions shall apply to the reduction of debt under subsection (a)(1) in the same manner as such terms and conditions apply to the reduction of debt under section 604(a)(1) of the Food for Peace Act [7 U.S.C. 1738c(a)(1)]:

(A) The provisions relating to repayment of principal under section 605 of such Act [7 U.S.C. 1738d].

(B) The provisions relating to interest on new obligations under section 606 of such Act [7 U.S.C. 1738e].

(2) In addition to the application of the provisions relating to repayment of principal under section 605 of the Food for Peace Act [7 U.S.C. 1738d] to the reduction of debt under subsection (a)(1) (in accordance with paragraph (1)(A) of this subsection), repayment of principal on a new obligation established under subsection (b) may be made in the local currency of the beneficiary country and deposited in the Conservation Fund of the country in the same manner as the provisions relating to payment of interest on new obligations under section 606 of such Act [7 U.S.C. 1738e].

(Pub. L. 87–195, pt. V, § 807, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 888; amended Pub. L. 108–323, § 3(b), Oct. 6, 2004, 118 Stat. 1219; Pub. L. 110–246, title III, § 3001(b)(1), (2)(Q), June 18, 2008, 122 Stat. 1820; Pub. L. 115–440, §§ 6, 9(b)(3), Jan. 14, 2019, 132 Stat. 5582, 5584.)

Notes

Editorial Notes

References in TextThe Food for Peace Act, referred to in subsec. (a)(1), is act July 10, 1954, ch. 469, 68 Stat. 454. Title I of the Act is classified generally to subchapter II (§ 1701 et seq.) of chapter 41 of Title 7, Agriculture. For complete classification of this Act to the Code, see Short Title note set out under section 1691 of Title 7 and Tables.

Amendments2019—Subsec. (a)(1). Pub. L. 115–440, § 6, substituted “outstanding as of January 14, 2019,” for “outstanding as of January 1, 1998,”. Subsec. (c)(2). Pub. L. 115–440, § 9(b)(3), substituted “Conservation Fund” for “Tropical Forest Fund”. 2008—Pub. L. 110–246 substituted “Food for Peace Act” for “Agricultural Trade Development and Assistance Act of 1954” in section catchline and wherever appearing in subsecs. (a)(1) and (c). 2004—Subsec. (c). Pub. L. 108–323 designated existing provisions as par. (1), redesignated former pars. (1) and (2) as subpars. (A) and (B), respectively, of par. (1), and added par. (2).

Statutory Notes and Related Subsidiaries

Effective Date of 2008 AmendmentAmendment by Pub. L. 110–246 effective May 22, 2008, see section 4(b) of Pub. L. 110–246, set out as an Effective Date note under section 8701 of Title 7, Agriculture.

Executive Documents

Delegation of Functions For delegation of functions of President under this section, see Ex. Ord. No. 12163, Sept. 29, 1979, 44 F.R. 56673, as amended, set out as a note under section 2381 of this title. For delegation of functions of President under subsec. (a) of this section, see section 1 of Ex. Ord. No. 13345, July 8, 2004, 69 F.R. 41901, set out as a note under section 1738 of Title 7, Agriculture.