Editor's Note: An annual index to Issues 1-52 of 1990 is being printed under separate cover and will Published every Monday by the Office of the Federal Register, The Weekly Compilation of Presidential Documents is pub- tions prescribed by the Administrative Committee of the Federal Register, approved by the President (37 FR 23607; 1 CFR Part Distribution is made only by the Superintendent of Docu- ments, Government Printing Office, Washington, DC 20402. The Weekly Compilation of Presidential Documents will be furnished There are no restrictions on the republication of material ap- Week Ending Friday, January 4, 1991 Memorandum on the Cancellation of Presidential Determination No. 91-10 Memorandum for the Secretary of the Treasury and the Secretary of Defense Subject: Presidential Determination on Egyptian Foreign Military Sales (FMS) Debt Section 592(d)(1) of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1991 (Public Law 101-513) (the “Act”) authorizes me, notwithstanding any other provision of law, in the context of certain multilateral debt negotiations, to reduce to zero certain notes related to Egypt's FMS debt if other major holders of Egyptian military debt agree to equal or comparable reductions. I have concluded that such other creditors do not agree to comparable reductions in their military debt. By virtue of the authority vested in me by section 592 of the Act, I hereby determine that it is essential to the national security interests of the United States to unilaterally cancel the requirement of Egypt to repay the United States for such Egyptian military debt; and that it is essential to the success of Desert Shield and to enhance peace and stability in the Middle East to reduce to zero the amounts described in section 592(e)(2) of the Act. By virtue of the authority vested in me by the Constitution and laws of the United States of America, including section 592 of the Act, and section 301 of title 3 of the United States Code, I hereby delegate to the Secretary of Defense the functions under section 592(e)2) of the Act, provided that the functions conferred by subparagraph (B) thereof shall be exercised by the Secretary of Defense in consultation with the Secretary of the Treasury. The Secretary of the Treasury is authorized and directed to publish this determination in the Federal Register. George Bush [Filed with the Office of the Federal Register, 11:36 a.m., December 31, 1990] Note: The memorandum was released by the Office of the Press Secretary on December 28 and was printed in the "Federal Register" of January 3, 1991. Letter to Congressional Leaders on the Cancellation of Egyptian Military Debt December 27, 1990 Dear Mr. Speaker: (Dear Mr. President:) Pursuant to the authority vested in me by Export Financing, and Related Programs section 592(d) of the Foreign Operations, Appropriations Act, 1991 (Public Law 101513) (the "Act"), I hereby report under paragraph (1) thereof. The basis for this report is described more fully in the attachment to this letter entitled Status of U.S. Efforts on Egyptian Debt. I am simultaneously providing copies of a memorandum, signed by me today, in which I make certain determinations under section 592(d)(2) and 592(e)(2) of the Act. These determinations form an integral part of my report under paragraph (1) of section 592(d) of the Act. The attached Memorandum of Justification Regarding Presidential Determinations under Section 592 sets forth more fully the basis for these determi nations. Accordingly, I have authorized the Secretary of Defense and the Secretary of the Treasury to take the appropriate steps to reduce to zero amounts owed in connection with Egypt's remaining Foreign Military Sales debt. Sincerely, George Bush Note: Identical letters were sent to Thomas S. Foley, Speaker of the House of Represent |