((a)) ** In general** A country shall be a candidate country for purposes of eligibility to receive assistance under if—

((1)) the per capita income of the country in a fiscal year is equal to or less than the World Bank threshold for initiating the International Bank for Reconstruction and Development graduation process for the fiscal year; and

((2)) subject to subsection (b), the country is not ineligible to receive United States economic assistance under part I of the Foreign Assistance Act of 1961 ( et seq.) by reason of the application of any provision of the Foreign Assistance Act of 1961 [ et seq.] or any other provision of law.

((b)) ** Rule of construction** For the purposes of determining whether a country is eligible, pursuant to subsection (a)(2), to receive assistance under , the exercise by the President, the Secretary of State, or any other officer or employee of the United States Government of any waiver or suspension of any provision of law referred to in subsection (a)(2), and notification to the appropriate congressional committees in accordance with such provision of law, shall be construed as satisfying the requirements under subsection (a).section 7704 of this title

((c)) ** Determination by the Board** The Board shall determine whether a country is a candidate country for purposes of this section.