eries of assistance furnished under the authority of that certification shall be suspended immediately.

(B) Any concurrent resolution under this paragraph shall be considered in the Senate in accordance with the provisions of section 601(b) of the International Security Assistance and Arms Export Control Act of 1976.

(C) For the purpose of expediting the consideration and adoption of concurrent resolutions under this paragraph, a motion to proceed to the consideration of any such resolution after it has been reported by the appropriate committee shall be treated as highly privileged in the House of Representatives.

(b)(1) Except as provided in paragraphs (2) and (3) of this subsection, no funds authorized to be appropriated by this Act or the Arms Export Control Act may be used for the purpose of providing economic assistance (including assistance under chapter 4 of part II), providing military assistance or grant military education and training, providing assistance under chapter 6 of part II, or extending military credits or making guarantees, to any country which on or after the date of enactment of the International Security Assistance Act of 1977—

(A) transfers a nuclear explosive device to a non-nuclearweapon state, or

(B) is a non-nuclear-weapon state and either

(i) receives a nuclear explosive device, or

(ii) detonates a nuclear explosive device.

(2)(A) Notwithstanding paragraph (1) of this subsection, the President may, for a period of not more than 30 days of continuous session, furnish assistance which would otherwise be prohibited under paragraph (1) of this subsection if, before furnishing such assistance, the President transmits to the Speaker of the House of Representatives, and to the Chairman of the Committee on Foreign Relations of the Senate, a certification that he has determined that an immediate termination of assistance to that country would be detrimental to the national security of the United States. Not more than one such certification may be transmitted for a country with respect to the same detonation, transfer, or receipt of a nuclear explosive device.

(B) If the President transmits a certification to the Congress under subparagraph (A), a joint resolution which would permit the President to exercise the waiver authority of paragraph (3) of this subsection shall, if introduced in either House within 30 days of continuous session after the Congress receives this certification, be considered in the Senate and House of Representatives in accordance with subparagraphs (C) and (D) of this paragraph.

(C) Any joint resolution under this paragraph shall be considered in the Senate in accordance with the provisions of section 601(b) of the International Security Assistance and Arms Export Control Act of 1976.

(D) For the purpose of expediting the consideration and adoption of joint resolution under this paragraph, a motion to proceed to the consideration of such a joint resolution after it has been reported by the appropriate committee shall be treated as highly privileged in the House of Representatives.

a

(E) For purposes of this paragraph, the term "joint resolution” means a joint resolution the matter after the resolving clause of which is as follows: "That the Congress having received on certification by the President under section 670(b)(2) of the Foreign Assistance Act of 1961 with respect to , the Congress hereby authorizes the President to exercise the waiver authority contained in section 670213) of that Act", with the date of receipt of the certification inserted in the first blank and the name of the country inserted in the second blank

3. Norwthstanding paragraph (1) of this subsection, if the Congress scars 3 ount resolution under paragraph (2) of this subsecSo, the President may furnish assistance which would otherwise be WLAN under paragraph if he determines and certifies in writing on the Sceaser of the House of Representatives and the Committee on Foreign Selations of the Senate that the termination A SUOT ANKENY WILL X seriously prejudicial to the achievemein of United States nonproliferation objectives or otherwise jeopdulze de viminon reverse and security. The President shall transBut with suct raison a statement setting forth the specific

* for purses of this subsection, continuity of session is broken yan ajournment of Congress sine die and the days on which either House is not in session because of an adjournment of more than three days to a day certain are excluded in the computation of any period of time in which Congress is in continuous session. e. As used in this section, the term "non-nuclear-weapon state" means any country which is not a nuclear-weapon state, as defined in article IX(3) of the Treaty on the Non-Proliferation of Nuclear Weapons.

Sec. 671.951 Notification of Program Changes.- [Redesignated-1978]

nec 671, an added by Public Law 95-88 (91 Stat. 543), was redesignated as sec. 634A of this Act by sec 502b) of the International Development and Food Assistance Act of 1978 (Public Law 91 192 Stat 969)

PART IV-ENTERPRISE FOR THE AMERICAS INITIATIVE 952 SEC. 701.953 PURPOSE.

The purpose of this part is to encourage and support improvement in the lives of the people of Latin America and the Caribbean through market-oriented reforms and economic growth with interrelated actions to promote debt reduction, investment reforms, community based conservation, and sustainable use of the environment, and child survival and child development. The Facility will support these objectives through administration of debt reduction operations under this part for those countries with democratically elected governments that meet investment reforms and other policy conditions.

SEC. 702.954 DEFINITIONS.

For purposes of this part

(1) the term "administering body" means the entity provided for in section 708(c);

(2) the term "Americas Framework Agreement" means an Americas Framework Agreement provided for in section 708; (3) the term "Americas Fund" means an Enterprise for the Americas Fund provided for in section 707(a);

(4) the term "appropriate congressional committees" means the Committee on Foreign Affairs and the Committee on Appropriations of the House of Representatives and the Committee on Foreign Relations and the Committee on Appropriations of the Senate;

(5) the term "beneficiary country" means an eligible country with respect to which the authority of section 704(a)(1) is exercised;

(6) the term "eligible country" means a country designated by the President in accordance with section 703;

(7) the term "Enterprise for the Americas Board" or "Board" means the board established by section 610 of the Agricultural Trade Development and Assistance Act of 1954; and

(8) the term "Facility" means the Enterprise for the Americas Facility established in the Department of the Treasury by section 601 of that Act.

SEC. 703.955 ELIGIBILITY FOR BENEFITS.

(a) REQUIREMENTS.-To be eligible for benefits from the Facility under this part, a country must be a Latin American or Caribbean country

(1) whose government is democratically elected;

(2) whose government has not repeatedly provided support for acts of international terrorism;

(3) whose government is not failing to cooperate on international narcotics control matters;

952 Sec. 602(a) of the Jobs Through Exports Act of 1992 (Public Law 102-549; 106 Stat. 3664) added Part IV-Enterprise for the Americas Initiative, secs. 701-710. Formerly, Part IV, which related to amendments to other laws, was repealed by sec. 401 of the FA Act of 1962.

953 22 U.S.C. 2430.

954 22 U.S.C. 2430a.

955 22 U.S.C. 2430b.

(4) whose government (including its military or other security forces) does not engage in a consistent pattern of gross violations of internationally recognized human rights;

(5) that has in effect, has received approval for, or, as appropriate in exceptional circumstances, is making significant progress toward—

(A) an International Monetary Fund standby arrangement, extended Fund arrangement, or an arrangement under the structural adjustment facility or enhanced structural adjustment facility, or in exceptional circumstances, a Fund monitored program or its equivalent, unless the President determines (after consultation with the Enterprise for the Americas Board) that such an arrangement or program (or its equivalent) could reasonably be expected to have significant adverse social or environmental effects; and

(B) as appropriate, structural or sectoral adjustment loans from the International Bank for Reconstruction and Development or the International Development Association, unless the President determines (after consultation with the Enterprise for the Americas Board) that the resulting adjustment requirements could reasonably be expected to have significant adverse social or environmental effects;

(6) has put in place major investment reforms in conjunction with an Inter-American Development Bank loan or otherwise is implementing, or is making significant progress toward, an open investment regime; and

(7) if appropriate, has agreed with its commercial bank lenders on a satisfactory financing program, including, as appropriate, debt or debt service reduction.

(b) ELIGIBILITY DETERMINATIONS.-Consistent with subsection (a), the President shall determine whether a country is eligible to receive benefits under this part. The President shall notify the appropriate congressional committees of his intention to designate a country as an eligible country at least 15 days in advance of any formal determination.

SEC. 704.*** REDUCTION OF CERTAIN DEBT.

(a) AUTHORITY TO REDUCE DEBT.

(1) AUTHORITY.-The President may reduce the amount owed to the United States (or any agency of the United States) that is outstanding as of January 1, 1992, as a result of concessional loans made to an eligible country by the United States under part 1 of this Act, chapter 4 of part II of this Act, or predecessor foreign economic assistance legislation.

*** 22 UNC 2130 Sec 594(a) of the Foreign Operations, Export Financing, and Related Pro grams Appropriations Act. Fiscal Year 1993 (Public Law 102-391; 106 Stat. 1692), enacted auThorisation for debt reduction as chapter 12, sec. 499 of this Act. That enactment, however, was repeated by see 607b) of Public Law 102-549 (106 Stat. 3669), which also provided

Any exercise of the authorities provided in that chapter prior to its repeal by this subsection shall be deemed to be an exercise of the authorities of part IV of the Foreign Assistance Act of UNT cas enacted by subsection (a) of this section) and shall be carried out, after the enactment of Chia section, in accordance with that part.".

(2) APPROPRIATIONS REQUIREMENT.-The authority provided by this section may be exercised only in such amounts or to such extent as is provided in advance by appropriations Acts, 957

(3) CERTAIN PROHIBITIONS INAPPLICABLE. (A) A reduction of debt pursuant to this section shall not be considered assistance for purposes of any provision of law limiting assistance to a country.

(B) The authority of this section may be exercised notwithstanding section 620(r) of this Act or section 321 of the International Development and Food Assistance Act of 1975. (b) IMPLEMENTATION OF DEBT REDUCTION.—

(1) IN GENERAL.-Any debt reduction pursuant to subsection (a) shall be accomplished at the direction of the Facility by the exchange of a new obligation for obligations outstanding as of the date specified in subsection (a)(1).

(2) EXCHANGE OF OBLIGATIONS.-The Facility shall notify the agency primarily responsible for administering part I of this Act of the agreement with an eligible country to exchange a new obligation for outstanding obligations pursuant to this subsection. At the direction of the Facility, the old obligations shall be canceled and a new debt obligation for the country shall be established, and the agency primarily responsible for administering part I of this Act shall make an adjustment in its accounts to reflect the debt reduction.

SEC. 705.958 REPAYMENT OF PRINCIPAL.

(a) CURRENCY OF PAYMENT.-The principal amount of each new obligation issued pursuant to section 704(b) shall be repaid in United States dollars.

(b) DEPOSIT OF PAYMENTS.-Principal repayments of new obligations shall be deposited in the United States Government account established for principal repayments of the obligations for which those obligations were exchanged.

SEC. 706.959 INTEREST ON NEW OBLIGATIONS.

(a) RATE OF INTEREST.-New obligations issued by a beneficiary country pursuant to section 704(b) shall bear interest at a concessional rate.

(b) CURRENCY OF PAYMENT; DEPOSITS.

(1) LOCAL CURRENCY.-If the beneficiary country has entered into an Americas Framework Agreement, interest shall be paid in the local currency of the beneficiary country and deposited in an Americas Fund. Such interest shall be the property of the beneficiary country, until such time as it is disbursed

957 Title II of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1993 (Public Law 102-391; 106 Stat. 1645) provided the following:

"DEBT RESTRUCTURING UNDER THE ENTERPRISE FOR THE AMERICAS INITIATIVE "For the cost, as defined in section 13201 of the Budget Enforcement Act of 1990, of modifying direct loans authorized by chapter 1 of part I and chapter 4 of part II of the Foreign Assistance Act of 1961 (including predecessor legislation) and loans made pursuant to the Export-Import Bank Act of 1945, as amended, $50,000,000, to remain available until expended: Provided, That none of the funds appropriated under this heading shall be obligated except through the regular notification procedures of the Committees on Appropriations.".

958 22 U.S.C. 2430d.

959 22 U.S.C. 2430e.