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7 U.S. Code § 1736e

Debt forgiveness

7 U.S. Code § 1736e. Debt forgiveness

(a) AuthorityThe President, taking into account the financial resources of a country, may waive payments of principal and interest that such country would otherwise be required to make to the Commodity Credit Corporation under dollar sales agreements under subchapter II if—
(1)
that country is a least developed country; and
(2) either—
(A)
an International Monetary Fund standby agreement is in effect with respect to that country;
(B)
a structural adjustment program of the International Bank for Reconstruction and Development or of the International Development Association is in effect with respect to that country;
(C)
a structural adjustment facility, enhanced structural adjustment facility, or similar supervised arrangement with the International Monetary Fund is in effect with respect to that country; or
(D)
even though such an agreement, program, facility, or arrangement is not in effect, the country is pursuing national economic policy reforms that would promote democratic, market-oriented, and long term economic development.
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