Collapse to view only § 5414. Debt-for-equity swaps and other special techniques
- § 5411. Multilateral support for structural adjustment in Poland and Hungary
- § 5412. Stabilization assistance for Poland
- § 5413. Agricultural assistance
- § 5414. Debt-for-equity swaps and other special techniques
§ 5411. Multilateral support for structural adjustment in Poland and Hungary
(a) Multilateral assistance for Poland and Hungary
(1) In general
(2) World Bank structural adjustment loan for Poland
(b) Stabilization assistance, debt relief, and agricultural assistance for Poland
To the extent that Poland continues to evolve toward pluralism and democracy and to develop and implement comprehensive economic reform programs, the United States Government shall do the following:
(1) Stabilization assistance
The United States Government, in conjunction with other member governments of the Organization of Economic Cooperation and Development (OECD) and international financial institutions (including the International Monetary Fund), shall support the implementation of a plan of the Government of Poland to attack hyperinflation and other structural economic problems, address pressing social problems, carry out comprehensive economic reform, and relieve immediate and urgent balance of payments requirements in Poland, through the use of mechanisms such as—
(A) the Exchange Stabilization Fund pursuant to section 5302 of title 31 and in accordance with established Department of the Treasury policies and procedures; and
(B) the authority provided in section 5412(c) of this title.
(2) Debt relief
The United States Government—
(A) shall urge all members of the “Paris Club” of creditor governments and other creditor governments to adopt, and participate in, a generous and early rescheduling program for debts owed by the Government of Poland; and
(B) in coordination with other creditor governments, shall seek to expedite consultations between the Government of Poland and its major private creditors in order to facilitate a rescheduling and reduction of payments due on debt owed to such creditors in a manner consistent with the international debt policy announced by the Secretary of the Treasury on March 10, 1989.
(3) Agricultural assistance
(Pub. L. 101–179, title I, § 101, Nov. 28, 1989, 103 Stat. 1302.)
§ 5412. Stabilization assistance for Poland
(a) Immediate emergency assistance
To the extent that the ongoing International Monetary Fund review of the Polish economy projects a probable balance of payments shortage for the fourth quarter of 1989, the United States Government, in carrying out paragraph (1) of section 5411(b) of this title—
(1) should work closely with the European Community and international financial institutions to determine the extent of emergency assistance required by Poland for the fourth quarter of 1989, and
(2) should consider extending a bridge loan to relieve immediate and urgent balance of payments requirements using the Exchange Stabilization Fund in accordance with paragraph (1)(A) of section 5411(b) of this title.
(b) Immediate, multilateral response to Poland’s economic stabilization needs
(c) Additional authority to provide stabilization assistance
(1) Authority
(2) Authorization of appropriations
(Pub. L. 101–179, title I, § 102, Nov. 28, 1989, 103 Stat. 1303.)
§ 5413. Agricultural assistance
(a) Agricultural assistance strategy
(1) United States assistance
(2) Assistance from other countries
(3) Avoiding disincentives to private agricultural production and marketing
(b) Agricultural assistance for PolandPursuant to section 5411(b)(3) of this title, the United States Government—
(1) shall make available to Poland, in coordination with the European Community, United States agricultural assistance—
(A) to alleviate immediate food shortages (such assistance to be specifically targeted toward elements of the Polish population most vulnerable to hunger and malnutrition, in particular the infirm, the elderly, and children), and
(B) to facilitate the transition from state-directed controls to a free market economy, while avoiding disincentives to domestic agricultural production and reform; and
(2) in order to ensure the necessary quantity and diversity of such agricultural assistance, shall take all appropriate steps to encourage parallel efforts by the European Community and other agricultural surplus countries.
(c) FY 1990 minimum level of agricultural assistance for PolandIn carrying out subsection (b) of this section, the level of assistance for Poland for fiscal year 1990 under section 1431(b) of title 7, the Food for Peace Act (7 U.S.C. 1691 and following), and section 1736o of title 7 should not be less than $125,000,000. Such assistance—
(1) to the maximum extent practicable, shall be provided through nongovernmental organizations; and
(2) shall emphasize feed grains.
(d) Consistency with budget requirements
(Pub. L. 101–179, title I, § 103, Nov. 28, 1989, 103 Stat. 1303; Pub. L. 110–246, title III, § 3001(b)(1)(A), (2)(U), June 18, 2008, 122 Stat. 1820, 1821.)
§ 5414. Debt-for-equity swaps and other special techniques
(a) Reduction of debt burden
(b) Authority for discounted sales of debt
(c) Condition
An obligation may be sold under subsection (b) only if the sale will facilitate so-called debt-for-equity or debt-for-development swaps wherein such newly privatized debt is exchanged by the new holder of the obligation for—
(1) local currencies, policy commitments, or other assets needed for development or other economic activities, or
(2) for an equity interest in an enterprise theretofore owned by the particular East European government.
(Pub. L. 101–179, title I, § 104, Nov. 28, 1989, 103 Stat. 1304.)