(C) shall be subject, on an annual basis, to an audit of financial statements conducted in accordance with generally accepted auditing standards by an independent auditor; (D) shall be required to grant to representatives of the United States General Accounting Office such access to books and records associated with operations of the Americas Fund as the Comptroller General of the United States may request; (E) shall present an annual program for review each year by the Enterprise for the Americas Board; and (F) shall submit a report each year on the activities that it undertook during the previous year to the Chair of the Enterprise for the Americas Board and to the government of the beneficiary country. (d) ELIGIBLE ACTIVITIES.-Grants from an Americas Fund shall be used for (1) activities that link the conservation and sustainable use of natural resources with local community development; and (2) child survival and other child development activities. (e) GRANT RECIPIENTS.-Grants made from an Americas Fund shall be made to (1) nongovernmental environmental, conservation, child survival and child development, development, and indigenous peoples organizations of the beneficiary country; (2) other appropriate local or regional entities; and (3) in exceptional circumstances, the government of the beneficiary country. (f) REVIEW OF LARGER GRANTS.-Any grant of more than $100,000 from an Americas Fund shall be subject to veto by the Government of the United States or the government of the beneficiary country. (g) ELIGIBILITY CRITERIA.-In the event that a country ceases to meet the eligibility requirements set forth in section 703(a), as determined by the President pursuant to section 703(b), then grants from the Americas Fund for that country may only be made to nongovernmental organizations until such time as the President determines that such country meets the eligibility requirements set forth in section 703(a). SEC. 709.1047 ENTERPRISE FOR THE AMERICAS BOARD. For purposes of this part, the Enterprise for the Americas Board shall (1) advise the Secretary of State on the negotiations of Americas Framework Agreements; (2) ensure, in consultation with (A) the government of the beneficiary country, (B) nongovernmental organizations of the beneficiary country, (C) nongovernmental organizations of the region (if appropriate), 1047 22 U.SC 2430h. (D) environmental, scientific, child survival and child development, and academic leaders of the beneficiary country, and (E) environmental, scientific, child survival and child development, and academic leaders of the region (as appropriate), that a suitable administering body is identified for each Americas Fund; and (3) review the programs, operations, and fiscal audits of each administering body. SEC. 710.1048 ANNUAL REPORTS TO THE CONGRESS. The annual reports submitted pursuant to section 614 of the Agricultural Trade Development and Assistance Act of 1954 (7 U.S.C. 1738mm) shall include a description of each Americas Framework Agreement and a description of any grants that have been extended by administering bodies pursuant to an Americas Framework Agreement. PART V 1049 * * * [Repealed-1976] PART VI 1050 * ** [Repealed-1978] PART V-DEBT REDUCTION FOR DEVELOPING SEC. 801.1052 SHORT TITLE. This part may be cited as the "Tropical Forest Conservation Act of 1998". SEC. 802.1053 FINDINGS AND PURPOSES. (a) FINDINGS.-The Congress finds the following: (1) It is the established policy of the United States to support and seek protection of tropical forests around the world. (2) Tropical forests provide a wide range of benefits to humankind by (A) harboring a major share of the Earth's biological and terrestrial resources, which are the basis for developing pharmaceutical products and revitalizing agricultural crops; (B) playing a critical role as carbon sinks in reducing greenhouse gases in the atmosphere, thus moderating potential global climate change; and 1048 22 U.S.C. 2430i. 1049 Part V, which related to Indochina Postwar Reconstruction, was repealed by sec. 413 of the International Security Assistance and Arms Export Control Act of 1976 (Public Law 94-329; 90 Stat. 761). For complete text of regulations governing determinations, authorizations, etc., and remaining funds under part V, see page 550. 1050 Part VI, which related to assistance to the Middle East and had been added by the FA Act of 1974, was repealed by sec. 12(b)(4) of the International Security Assistance Act of 1978 (Public Law 95-384, 92 Stat. 737). 1051 Sec. 1 of Public Law 105-214 (112 Stat. 885) added part V. An earlier part V, relating to Indochina Postwar Reconstruction, was repealed by sec. 413 of the International Security Assistance and Arms Export Control Act of 1976 (Public Law 94-329; 90 Stat. 761). An earlier part VI, relating to assistance to the Middle East, had been added by the FA Act of 1974, and was repealed by sec. 12(b)(4) of the International Security Assistance Act of 1978 (Public Law 95-384; 92 Stat. 737). 1052 22 U.S.C. 2151 note. 1053 22 U.S.C. 2431. (C) regulating hydrological cycles on which far-flung agricultural and coastal resources depend. (3) International negotiations and assistance programs to conserve forest resources have proliferated over the past decade, but the rapid rate of tropical deforestation continues unabated. (4) Developing countries with urgent needs for investment and capital for development have allocated a significant amount of their forests to logging concessions. (5) Poverty and economic pressures on the populations of developing countries have, over time, resulted in clearing of vast areas of forest for conversion to agriculture, which is often unsustainable in the poor soils underlying tropical forests. (6) Debt reduction can reduce economic pressures on developing countries and result in increased protection for tropical forests. (7) Finding economic benefits to local communities from sustainable uses of tropical forests is critical to the protection of tropical forests. (b) PURPOSES.-The purposes of this part are (1) to recognize the values received by United States citizens from protection of tropical forests; (2) to facilitate greater protection of tropical forests (and to give priority to protecting tropical forests with the highest levels of biodiversity and under the most severe threat) by providing for the alleviation of debt in countries where tropical forests are located, thus allowing the use of additional resources to protect these critical resources and reduce economic pressures that have led to deforestation; (3) to ensure that resources freed from debt in such countries are targeted to protection of tropical forests and their associated values; and (4) to rechannel existing resources to facilitate the protection of tropical forests. SEC. 803,1054 DEFINITIONS. As used in this part: (1) ADMINISTERING BODY.-The term "administering body" means the entity provided for in section 809(c). (2) APPROPRIATE CONGRESSIONAL COMMITTEES.-The term "appropriate congressional committees" means— (A) the Committee on International Relations and the Committee on Appropriations of the House of Representatives; and (B) the Committee on Foreign Relations and the Committee on Appropriations of the Senate. (3) BENEFICIARY COUNTRY.-The term "beneficiary country" means an eligible country with respect to which the authority of section 806(a)(1), section 807(a)(1), or paragraph (1) or (2) of section 808(a) is exercised. (4) BOARD.-The term "Board" means the board referred to in section 811. 1054 22 U.S.C. 2431a. (5) DEVELOPING COUNTRY WITH A TROPICAL FOREST.-The term "developing country with a tropical forest" means (A)(i) a country that has a per capita income of $725 or less in 1994 United States dollars (commonly referred to as "low-income country"), as determined and adjusted on an annual basis by the International Bank for Reconstruction and Development in its World Development Report; or (ii) a country that has a per capita income of more than $725 but less than $8,956 in 1994 United States dollars (commonly referred to as "middle-income country"), as determined and adjusted on an annual basis by the International Bank for Reconstruction and Development in its World Development Report; and (B) a country that contains at least one tropical forest that is globally outstanding in terms of its biological diversity or represents one of the larger intact blocks of tropical forests left, on a regional, continental, or global scale. (6) ELIGIBLE COUNTRY.-The term "eligible country" means a country designated by the President in accordance with section 805. (7) TROPICAL FOREST AGREEMENT.-The term "Tropical Forest Agreement" or "Agreement" means a Tropical Forest Agreement provided for in section 809. (8) TROPICAL FOREST FACILITY.-The term "Tropical Forest Facility" or "Facility" means the Tropical Forest Facility established in the Department of the Treasury by section 804. (9) TROPICAL FOREST FUND.-The term "Tropical Forest Fund" or "Fund" means a Tropical Forest Fund provided for in section 810. SEC. 804.1055 ESTABLISHMENT OF THE FACILITY. There is established in the Department of the Treasury an entity to be known as the "Tropical Forest Facility" for the purpose of providing for the administration of debt reduction in accordance with this part. SEC. 805.1056 ELIGIBILITY FOR BENEFITS. (a) IN GENERAL.-To be eligible for benefits from the Facility under this part, a country shall be a developing country with a tropical forest (1) whose government meets the requirements applicable to Latin American or Caribbean countries under paragraphs (1) through (5) and (7) of section 703(a) of this Act; and (2) that has put in place major investment reforms, as evidenced by the conclusion of a bilateral investment treaty with the United States, implementation of an investment sector loan with the Inter-American Development Bank, World Banksupported investment reforms, or other measures, as appropriate. (b) ELIGIBILITY DETERMINATIONS. 1055 22 U.S.C. 2431b. 1056 22 U.S.C. 2431c. (1) IN GENERAL.-Consistent with subsection (a), the President shall determine whether a country is eligible to receive benefits under this part. (2) CONGRESSIONAL NOTIFICATION.-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. 806.1057 REDUCTION OF DEBT OWED TO THE UNITED STATES AS A RESULT OF CONCESSIONAL LOANS UNDER THE FOREIGN ASSISTANCE ACT OF 1961. (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, 1998, as a result of concessional loans made to an eligible country by the United States under part I of this Act, chapter 4 of part II of this Act, or predecessor foreign economic assistance legislation. (2) AUTHORIZATION OF APPROPRIATIONS.-For the cost (as defined in section 502(5) of the Federal Credit Reform Act of 1990) for the reduction of any debt pursuant to this section, there are authorized to be appropriated to the President (A) $25,000,000 for fiscal year 1999; (B) $75,000,000 for fiscal year 2000; and (3) CERTAIN PROHIBITIONS INAPPLICABLE. (A) IN GENERAL.-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) ADDITIONAL REQUIREMENT.-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 of the type referred to in subsection (a) outstanding as of the date specified in subsection (a)(1). (2) EXCHANGE OF OBLIGATIONS.— (A) IN GENERAL.-The Facility shall notify the agency primarily responsible for administering part I of this Act of an agreement entered into under paragraph (1) with an eligible country to exchange a new obligation for outstanding obligations. (B) ADDITIONAL REQUIREMENT.-At the direction of the Facility, the old obligations that are the subject of the agreement shall be canceled and a new debt obligation for the country shall be established relating to the agreement, and the agency primarily responsible for administering part I of this Act shall make an adjustment in its accounts to reflect the debt reduction. 1057 22 U.S.C. 2431d. 54-320 99-11 |