((a)) ** Authority to reduce debt**

((1)) ** In general** Notwithstanding any other provision of law, the President may reduce the amount owed to the United States or any agency of the United States, and outstanding as of , as a result of any credits extended under subchapter II to a country eligible for benefits from the Facility.January 1, 19901990-01-01

((2)) ** Availability of appropriations** The authorities under this section may be exercised only to the extent provided for in advance in appropriation Acts.

((b)) ** Limitation** A debt reduction authorized under subsection (a) shall be accomplished, at the direction of the Facility, through the exchange of a new obligation under this subchapter for obligations of the type referred to in subsection (a) outstanding as of .January 1, 19901990-01-01

((c)) ** Exchange of obligations** The Facility shall notify the Commodity Credit Corporation of an agreement entered into under subsection (b) with an eligible country to exchange a new obligation for outstanding obligations. At the direction of the Facility, the old obligations that are the subject of the agreement may be canceled and a new debt obligation may be established for the country relating to the agreement. The Commodity Credit Corporation shall make an adjustment in its accounts to reflect a debt reduction under this section.