A bill to require the President to authorize United States Government lending institutions to forgive the outstanding debt of certain sub-Saharan nations.

Requires the President to authorize U.S. Government lending institutions to forgive all or part of any outstanding loans to any sub-Saharan African nation experiencing difficulty in making debt service payments and the per capita gross national product of which for 1986 does not exceed $500.

Defines "forgive" as: (1) releasing the debtor from the obligation to repay part or all of the loan; (2) providing an interest subsidy to the debtor with respect to the loan; (3) extending the maturity of the loan; or (4) taking any other action which would reduce the total outstanding debt of the debtor.

Specifies that the provisions of this Act shall not be construed to authorize the President to reduce any foreign assistance provided under the Foreign Assistance Act of 1961, the Export-Import Bank Act of 1945, the Arms Export Control Act, or any other law.