12 U.S. Code § 635i–8 - Special debt relief for poorest, most heavily indebted countries
(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.
(1) Types of debt reduction
The authority provided by subsection (a) of this section 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) of this section, the term “eligible country” means any country that—
The authority provided by this section may be exercised only with respect to a country whose government—
Source(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.)
2002—Subsec. (a). Pub. L. 107–189substituted “principal” for “principle”.
Delegation of Authority With Respect to Debt Reduction for Poorest Countries
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.