Sec. 904. Debt relief for Somalia

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Of the funds appropriated under titles III and IV of division G of this Act and under such titles in prior Acts making appropriations for the Department of State, foreign operations, and related programs, not to exceed $35,000,000 may be transferred to the Department of the Treasury, Debt Restructuring account for the same purposes and under the same authorities and conditions (other than the period of availability) as other funds provided under that heading for the cost, as defined in section 502 of the Congressional Budget Act of 1974, of modifying loans and loan guarantees, as the President may determine, or for the cost of selling, reducing, or cancelling amounts owed to the United States as a result of loans made to Somalia, in the event that Somalia meets the domestic and internationally-agreed conditions and the transfer is consistent with United States law and foreign policy considerations.

For the purposes of this section, no amounts may be transferred from amounts designated for Overseas Contingency Operations/Global War on Terrorism or as emergency requirements pursuant to a concurrent resolution on the budget or section 251(b)(2)(A) of the Balanced Budget and Emergency Deficit Control Act of 1985. Prior to the initial obligation of funds made available pursuant to this section, the Secretary of State shall submit to the appropriate congressional committees a report on the outcome of the Paris Club meeting on debt cancellation for Somalia, the estimate of amounts needed and over what time period, and the proposed sources of funds to be transferred pursuant to this section: , That such funds shall also be subject to prior consultation with the appropriate congressional committees and the regular notification procedures of such committees.

Provided Section 501(i) of title V of H.R. 3425, as enacted into law by section 1000(a)(5) of Public Law 106–113 (113 Stat. 1501A–313), as most recently amended by section 699H(b)(1) of division J of the Consolidated Appropriations Act, 2008 ( Public Law 110–161 ; 121 Stat. 2372), is further amended by striking 2000–2010 and inserting 2000–2021 . In this section, the term appropriate congressional committees means— the Committee on Foreign Relations and the Committee on Appropriations of the Senate; and the Committee on Foreign Affairs and the Committee on Appropriations of the House of Representatives.

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Pub. L. 106-113
Pub. L. 110-161
121 Stat. 2372

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Sec. 904

Debt relief for Somalia

Pub. L.Pub. L. 106-113

Pub. L.Pub. L. 110-161

Stat.121 Stat. 2372

Cites 3Cited by 0 across 0 sources