PRIA, Government Policy, Made Personal

Summary

The Secretary of the Treasury must tell the U.S. Executive Director at the World Bank to start talks with the bank’s directors and ask them to give weight when making loans to a country to that country’s record of following and honoring debt-for-development swap deals that require land or real property to be set aside or limited for conservation. Debt-for-development swap: when a U.S. tax-exempt charity (a 501(c)(3) under Title 26) buys or is given qualifying foreign debt and then transfers it in the foreign country in return for a promise to do charitable, educational, or scientific work. Qualified debt: includes sovereign debt, debt owed by private institutions in that country, and debt owed by institutions partly private and partly public.

Title 22, §262p–4e

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)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)As used in this section:

(1)The term “debt-for-development swap” means the purchase of qualified debt by, or the donation of such debt to, an organization described in section 501(c)(3) of title 26 which is exempt from taxation under section 501(a) of title 26, and the subsequent transfer of such debt to an organization located in such foreign country in exchange for an undertaking by such tax-exempt organization, such foreign government, or such foreign organization to engage in a charitable, educational, or scientific activity.

(2)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