Debt Relief and Development in Africa Act of 1999

Debt Relief and Development in Africa Act of 1999 - Amends the Foreign Assistance Act of 1961 to direct the President, subject to authorization of appropriations, to cancel or reduce all amounts owed to the United States by heavily indebted poor countries (HIPCs) in sub-Saharan Africa as a result of concessional and nonconcessional loans made, guarantees issued, or credits extended prior to January 1, 1996, under any provision of law. Sets forth eligibility requirements for cancellation or reduction of debt for HIPCs. Directs the President, in canceling or reducing debt, to give priority to HIPCs that have demonstrated a sustained commitment to poverty alleviation or to the poorest HIPCs (as determined by its per capita income, the United Nations' Human Development Index, or another relevant measure of poverty), and the highest priority to HIPCs that meet both requirements.

(Sec. 2) Provides that cancellation or reduction of debt shall not be considered assistance for purposes of any law limiting assistance to a country.

Declares the sense of Congress that amounts that would otherwise be provided by the United States for development aid or other debt relief should not be reduced on account of any appropriations for debt cancellation or reduction.

Authorizes appropriations.

Sets forth certain procedures for the making of new loans, extending new credits, or issuing new guarantees to the governments of developing countries.

(Sec. 3) Directs the Administrator of the United States Agency for International Development (AID) to establish and carry out a program to provide assistance, including technical assistance, to HIPCs in sub-Saharan Africa for the purpose of: (1) establishing plans for the development of such countries' natural resources in a manner that will benefit their population; and (2) negotiating or renegotiating equitable contracts with foreign or multinational corporations for the development of natural resources.

Authorizes appropriations.

(Sec. 4) Amends the Export-Import Bank Act of 1945 to prohibit the Export-Import Bank of the United States from insuring, guaranteeing, extending or participating in an extension of credit to any private entity that is involved in developing natural resources in a sub-Saharan African HIPC unless the contract between the entity and the government of such country (including any enterprise owned or controlled by any such government) is made available to the public.

(Sec. 5) Urges the President to establish efforts with other countries that are members of the Paris Club of Official Creditors (Paris Club), and, if necessary, with other creditors to: (1) cancel or reduce debts owed each such country by a sub-Saharan African HIPC as a result of concessional loans and nonconcessional loans made, guarantees issued, or credits extended before January 1, 1996; and (2) establish Paris Club procedures to ensure greater transparency in the decision-making process, including specified measures.

(Sec. 6) Amends the International Financial Institutions Act to urge the President, in order to accelerate multilateral debt relief and promote economic and human development and poverty alleviation in sub-Saharan African HIPCs, to commence efforts within the Paris Club, as well as the International Bank for Reconstruction and Development (World Bank), the International Monetary Fund (IMF), the African Development Bank, and other appropriate multilateral development institutions, to make certain modifications in the HIPC Initiative, including: (1) that the provision of debt reduction shall not be conditioned on any a sub- Saharan African HIPC's adopting or implementing any structural adjustment program, but may be conditioned on good governance, transparency, or the elimination of economic corruption; (2) the revision of country eligibility requirements under the HIPC Initiative; (3) the adoption of a human development action plan and fund by sub-Saharan African HIPCs; (4) that debt reduction shall not be provided to a country that has not established a natural resources development plan; (5) the timing of the provision of debt relief; (6) specified goals for the amount of debt reduction; (7) transparency and participation by sub-Saharan African HIPCs in HIPC decision making; (8) the evaluation of debt relief eligibility by the African Development Bank; (9) the establishment of a Monitoring Panel for each country that is eligible to receive debt reduction under the HIPC Initiative; (10) priority with respect to the provision of debt reduction be given to the poorest countries and countries committed to poverty alleviation; (11) the provision of HIPC Initiative review; and (12) that the HIPC Initiative shall not terminate until all debt reduction has been completed under this Act.

Urges the President to commence efforts to ensure that creditors draw upon their own resources to finance debt reduction under the HIPC Initiative to the extent possible without diverting funds from other high priority poverty alleviation programs.

Authorizes appropriations to the HIPC Trust Fund.

Declares the sense of Congress that amounts that would otherwise be provided by the United States for development aid or other debt relief should not be reduced on account of any such appropriations.

Directs the President to report annually to specified congressional committees on progress made in accomplishing the goals in this Act.

Directs the President to work with member countries of the international financial institutions to ensure, through specified measures, transparency and public participation in decisions to make new loans (including the terms and conditions of such loans) to developing countries.

Amends the Bretton Woods Agreements Act to prohibit the U.S. director to the IMF from voting for any proposal to sell or otherwise convert or liquidate gold, unless there are in effect laws and procedures to ensure that all the proceeds obtained from its sale, conversion, or liquidation are deposited in the HIPC Trust Fund, and that such funds are only used for debt reduction under the HIPC Initiative.