JUBILEE Act of 2004

Justice and Understanding By IMF Loan Elimination and Equity (JUBILEE) Act of 2004 - Amends the International Financial Institutions Act to require the Secretary of the Treasury to commence immediate efforts, within the Paris Club of Official Creditors, the International Monetary Fund (IMF), and other appropriate multilateral development institutions (MDI's), to accomplish: (1) cancellation of all debts owed to the IMF by specified eligible poor countries, and the financing of such debt cancellation from ongoing IMF operations, procedures, and accounts established as of the end of the most recent fiscal year, including the Poverty Reduction and Growth Facility (formerly known as the Enhanced Structural Adjustment Facility or ESAF); (2) limitation of any waiting period before receipt of debt cancellation to one month from the date of an eligible poor country's application for it; and (3) encouragement of the government of each eligible poor country to allocate at least 20 percent of its national budget, including the savings from such debt cancellation, for the provision of basic health care services, education services, and clean water services to individuals in the country.

Sets forth requirements for: (1) a prohibition against the IMF's requiring any country receiving new concessional loans to privilege the IMF as a creditor over the United States; (2) establishment of a framework to ensure the transparency regarding each international financial institution's activities; and (3) availability on the Treasury Department's website of U.S. Executive Directors' remarks at meetings of international financial institutions' Boards of Directors.

Requires the Secretary to commence immediate efforts, within the Paris Club, the IMF, and other appropriate MDI's, to ensure that the provision of debt cancellation to such countries is not conditioned on any agreement by such a country to implement or comply with specified policies that deepen poverty or degrade the environment.

Bars funds appropriated in any Act (except those providing for debt relief to poor countries) from being obligated or made available to IMF unless specified conditions are met relating to debt cancellation for all eligible poor countries and termination of conditioning debt relief on certain structural adjustment.