To cancel the bilateral debt owed to the United States by the heavily indebted poor countries, to prohibit United States funding of the International Monetary Fund until debt owed to the International Monetary Fund by the heavily indebted poor countries has been canceled, and for other purposes.
(Sec. 4) Provides that cancellation of debt shall not be considered assistance for purposes of any law limiting assistance to a country.
(Sec. 5) Prohibits funds appropriated in this Act from being made available to the International Monetary Fund (IMF) until it: (1) has canceled all debts owed to the IMF by an eligible HIPC and Haiti; (2) has terminated the Enhanced Structural Adjustment Facility; and (3) the Secretary of the Treasury has certified to specified congressional committees that such debts have been canceled, and the IMF has ceased linking loans to an eligible HIPC and Haiti to implementation of structural adjustment policies.
(Sec. 6) Amends the Foreign Assistance Act of 1961 to authorize the Overseas Private Investment Corporation (OPIC) to issue insurance, guaranties, or reinsurance, make loans, acquire securities, or enter into risk sharing arrangements for an eligible HIPC and Haiti with respect to which the United States and the IMF have provided debt cancellation under this Act, only if the President certifies to Congress that the government of such country is using funds available because of such debt cancellation for poverty reduction in the country.
(Sec. 7) Sets forth certain notification requirements with respect to each eligible HIPC and Haiti.
(Sec. 8) Authorizes a U.S. citizen to bring an action in any U.S. district court seeking compliance by the United States with the requirements of this Act.
Introduced in House
Introduced in House
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on International Relations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on International Relations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on International Relations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Domestic and International Monetary Policy.
Referred to the Subcommittee on International Economic Policy and Trade.
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