22 U.S.C. § 2151v : US Code - Section 2151V: Aid to relatively least developed countries

Search 22 U.S.C. § 2151v : US Code - Section 2151V: Aid to relatively least developed countries

(a) Characterization of least developed countries
Relatively least developed countries (as determined on the basis
of criteria comparable to those used for the United Nations General
Assembly list of "least developed countries") are characterized by
extreme poverty, very limited infrastructure, and limited
administrative capacity to implement basic human needs growth
strategies. In such countries special measures may be necessary to
insure the full effectiveness of assistance furnished under
subchapter I of this chapter.
(b) Assistance on grant basis
For the purpose of promoting economic growth in these countries,
the President is authorized and encouraged to make assistance under
this part available on a grant basis to the maximum extent that is
consistent with the attainment of United States development
objectives.
(c) Waiver of principal and interest on prior liability
(1) The Congress recognizes that the relatively least developed
countries have virtually no access to private international capital
markets. Insofar as possible, prior assistance terms should be
consistent with present grant assistance terms for relatively least
developed countries. Therefore, notwithstanding section 2370(r) of
this title and section 321 of the International Development and
Food Assistance Act of 1975 but subject to paragraph (2) of this
subsection, the President on a case-by-case basis, taking into
account the needs of the country for financial resources and the
commitment of the country to the development objectives set forth
in sections 2151 and 2151-1 of this title -
(A) may permit a relatively least developed country to place
amounts, which would otherwise be paid to the United States as
payments on principal or interest on liability incurred by that
country under subchapter I of this chapter (or any predecessor
legislation) into local currency accounts (in equivalent amounts
of local currencies as determined by the official exchange rate
for United States dollars) for use by the relatively least
developed country, with the concurrence of the Administrator of
the agency primarily responsible for administering subchapter I
of this chapter, for activities which are consistent with section
2151-1 of this title; and
(B) may waive interest payments on liability incurred by a
relatively least developed country under subchapter I of this
chapter (or any predecessor legislation) if the President
determines that that country would be unable to use for
development purposes the equivalent amounts of local currencies
which could be made available under subparagraph (A).
(2) The aggregate amount of interest waived and interest and
principal paid into local currency accounts under this subsection
in any fiscal year may not exceed the amount approved for such
purpose in an Act appropriating funds to carry out this part for
that fiscal year, which amount may not exceed the amount authorized
to be so approved by the annual authorizing legislation for
development assistance programs. Amounts due and payable during
fiscal year 1981 to the United States from relatively least
developed countries on loans made under this subchapter (or any
predecessor legislation) are authorized to be approved for use, in
accordance with the provisions of paragraph (1) of this subsection,
in an amount not to exceed $10,845,000.
(3) In exercising the authority granted by this subsection, the
President should act in concert with other creditor countries.
(d) Waiver of requirement of contribution
The President may on a case-by-case basis waive the requirement
of section 2151h(a) of this title for financial or "in kind"
contributions in the case of programs, projects, or activities in
relatively least developed countries.
(e) Waiver of time limitations on aid
Section 2151h(b) of this title shall not apply with respect to
grants to relatively least developed countries.