Home > 106th Congressional Bills > H.R. 643 (rfs) To redesignate the Federal building located at 10301 South Compton Avenue, in Los Angeles, California, and known as the Watts Finance Office, as the ``Augustus F. Hawkins Post Office Building''. [Referred in Senate] ...H.R. 643 (rfs) To redesignate the Federal building located at 10301 South Compton Avenue, in Los Angeles, California, and known as the Watts Finance Office, as the ``Augustus F. Hawkins Post Office Building''. [Referred in Senate] ...
108th CONGRESS
1st Session
H. R. 643
To urge reforms of the Enhanced Heavily Indebted Poor Countries (HIPC)
Initiative, and for other purposes.
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IN THE HOUSE OF REPRESENTATIVES
February 6, 2003
Ms. Waters (for herself, Mr. Leach, Mr. Frank of Massachusetts, and Ms.
Lee) introduced the following bill; which was referred to the Committee
on Financial Services
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A BILL
To urge reforms of the Enhanced Heavily Indebted Poor Countries (HIPC)
Initiative, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Debt Cancellation for the New
Millennium Act''.
SEC. 2. FINDINGS.
The Congress finds the following:
(1) The Enhanced HIPC Initiative was developed by the
countries of the G-7 during the G-7 Summit meeting in Cologne,
Germany, June 18-20, 1999.
(2) The purpose of the Enhanced HIPC Initiative is to
provide debt relief to the world's poorest countries and enable
these countries to invest the savings from debt relief in HIV/
AIDS treatment and prevention, health care, education, and
poverty reduction programs.
(3) The Enhanced HIPC Initiative requires heavily indebted
poor countries (HIPCs) to develop and implement plans known as
Poverty Reduction Strategy Papers (PRSPs) with the
participation of civil society for the purpose of reducing
poverty.
(4) The Enhanced HIPC Initiative does not provide full
cancellation of the debts of HIPCs.
(5) The International Monetary Fund (IMF) and the
International Bank for Reconstruction and Development (World
Bank) have sufficient resources to provide full cancellation of
the debts that HIPCs owe to these institutions.
(6) The Enhanced HIPC Initiative requires HIPCs to
implement structural adjustment programs approved by the IMF,
which impose economic austerity upon these countries and are
strongly opposed by civil society in many of the countries in
which the programs have been implemented.
(7) The process of developing and implementing PRSPs has
required considerable time and effort on the part of officials
and citizens in many HIPCs, and, as a result, these countries
have been unable to begin to receive debt relief as quickly as
had been planned.
(8) The Enhanced HIPC Initiative requires HIPCs to continue
to make service payments on their debts while they are
developing and implementing PRSPs, as well as while they are
implementing the IMF's structural adjustment programs.
(9) Many HIPCs have experienced revenue losses as a result
of reductions in prices for export commodities. These revenue
losses have reduced significantly the benefits of debt relief.
(10) Bangladesh, Haiti, and Nigeria were excluded from the
Enhanced HIPC Initiative, although they are impoverished
countries with significant debt burdens.
(11) The complete cancellation of the debts of impoverished
countries will remove a major impediment to poverty reduction
and economic growth, enable these countries to invest their
resources in HIV/AIDS treatment and prevention, health care,
education, and poverty reduction, and give these countries a
fresh start in the new millennium.
SEC. 3. REFORMS OF THE ENHANCED HIPC INITIATIVE.
Title XVI of the International Financial Institutions Act (22
U.S.C. 262p-262p-7) is amended by adding at the end the following:
``SEC. 1625. REFORMS OF THE ENHANCED HIPC INITIATIVE.
``Congress urges the President to commence immediately efforts,
within the Paris Club of Official Creditors, as well as the
International Bank for Reconstruction and Development (World Bank), the
International Monetary Fund (IMF), and other appropriate multilateral
development institutions to accomplish the following modifications in
the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative:
``(1) Full debt cancellation.--The amount of debt relief
provided by the IMF and the World Bank under the Enhanced HIPC
Initiative for the benefit of a HIPC shall be sufficient to
completely cancel 100 percent of the debts owed by the HIPC to
these institutions. Debt cancellation shall be provided by the
IMF and the World Bank using their own resources.
``(2) Prohibition on structural adjustment programs.--The
provision of debt relief under the Enhanced HIPC Initiative
shall not be conditioned on any country adopting or
implementing any structural adjustment or stabilization program
of the Poverty Reduction and Growth Facility of the IMF or any
other structural adjustment or stabilization program operated
solely or jointly by the IMF or the World Bank.
``(3) Immediate suspension of debt service payments for
countries developing prsps.--All HIPCs that are working in good
faith to develop and implement their Poverty Reduction Strategy
Papers (PRSPs) pursuant to the Enhanced HIPC Initiative shall
not be required to make service payments on their debts. The
PRSPs shall be developed and implemented with the participation
of civil society in order to ensure that the savings from debt
relief will be invested in HIV/AIDS treatment and prevention,
health care, education, and poverty reduction programs.
``(4) Country eligibility.--The eligibility requirements of
the Enhanced HIPC Initiative shall be revised to make
Bangladesh, Haiti, and Nigeria eligible.''.
SEC. 4. TECHNICAL ASSISTANCE.
The Secretary of the Treasury shall provide or otherwise arrange
for the provision of technical assistance upon request to heavily
indebted poor countries (within the meaning of the Enhanced Heavily
Indebted Poor Countries (HIPC) Initiative) regarding compliance with
all conditions for debt relief pursuant to the Enhanced HIPC
Initiative, including the development and implementation of their
Poverty Reduction Strategy Papers (PSRPs). The Secretary of the
Treasury shall inform all such countries of the availability of the
technical assistance within 30 days after the date of the enactment of
this Act.
SEC. 5. REPORT TO THE CONGRESS.
Not later than December 31 of each year, the President shall submit
to the Committees on Financial Services, on Appropriations, and on
International Relations of the House of Representatives and the
Committees on Foreign Relations, on Banking, Housing, and Urban
Affairs, and on Appropriations of the Senate a report, which shall be
made available to the public, on the activities undertaken under this
Act, and on the progress made in accomplishing the modifications to the
Enhanced HIPC Initiative called for in this Act, for the preceding
fiscal year.
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