22 U.S.C. § 262p–4e: Extent to which borrowing…

Summary

The Treasury Secretary must tell the U.S. Executive Director at the World Bank to start talks and ask the Bank to make a country’s record of keeping promises from debt-for-development swaps an important thing to look at when deciding on loans. Debt-for-development swap: buying or giving qualified debt to a U.S. tax-exempt 501(c)(3) group (exempt under 501(a)) and then transferring that debt in the foreign country in return for a pledge to do charitable, educational, or scientific work. Qualified debt: includes sovereign debt, debt of private local institutions, and debt of mixed public-private institutions.

Title 22, §262p–4e

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)In general

The Secretary of the Treasury shall instruct the United States Executive Director of the International Bank for Reconstruction and Development to initiate discussions with the directors of such bank and propose that such bank consider, as an important factor in making loans to borrowing country governments, the history of compliance by such governments with, and the extent to which such governments have honored, agreements entered into by such governments as part of any debt-for-development swap which requires such governments to set aside or otherwise limit the use of real property to conservation purposes.

(b)Definitions

As used in this section: (1) Debt-for-development swap

(2)Qualified debt

The term “qualified debt” means—

(A)sovereign debt issued by a foreign government;

(B)debt owed by private institutions in the country governed by such foreign government; and

(C)debt owed by institutions in the country governed by such foreign government which are owned, in part, by private persons and, in part, by public institutions.

Notes & Related Subsidiaries

Editorial Notes

Codification section 1610 of Pub. L. 95–118 is based on section 10 of H.R. 4645, One Hundredth Congress, as reported Sept. 28, 1988, and enacted into law by Pub. L. 100–461.

Statutory Notes and Related Subsidiaries

Definitions The definitions in section 262p–5 of this title apply to this section.

§262p–4e Extent to Which Borrowing Country Governments Have Honored Debt-for-development Swap Agreements to Be Considered as Factor in Making Loans to Such Borrowers

Summary

Title 22, §262p–4e

Notes & Related Subsidiaries

Editorial Notes

Statutory Notes and Related Subsidiaries

Citations & Metadata