§ 262p-6. — Improvement of the Heavily Indebted Poor Countries Initiative.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC262p-6]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
Sec. 262p-6. Improvement of the Heavily Indebted Poor Countries
Initiative
(a) Improvement of the HIPC Initiative
In order to accelerate multilateral debt relief and promote human
and economic development and poverty alleviation in heavily indebted
poor countries, the Congress urges the President to commence immediately
efforts, with the Paris Club of Official Creditors, as well as the
International Monetary Fund (IMF), the International Bank for
Reconstruction and Development (World Bank), and other appropriate
multilateral development institutions to accomplish the following
modifications to the Heavily Indebted Poor Countries Initiative:
(1) Focus on poverty reduction, good governance,
transparency, and participation of citizens
A country which is otherwise eligible to receive cancellation of
debt under the modified Heavily Indebted Poor Countries Initiative
may receive such cancellation only if the country has committed, in
connection with social and economic reform programs that are jointly
developed, financed, and administered by the World Bank and the
IMF--
(A) to enable, facilitate, or encourage the implementation
of policy changes and institutional reforms under economic
reform programs, in a manner that ensures that such policy
changes and institutional reforms are designed and adopted
through transparent and participatory processes;
(B) to adopt an integrated development strategy to support
poverty reduction through economic growth, that includes
monitorable poverty reduction goals;
(C) to take steps so that the financial benefits of debt
relief are applied to programs to combat poverty (in particular
through concrete measures to improve economic infrastructure,
basic services in education, nutrition, and health, particularly
treatment and prevention of the leading causes of mortality) and
to redress environmental degradation;
(D) to take steps to strengthen and expand the private
sector, encourage increased trade and investment, support the
development of free markets, and promote broad-scale economic
growth;
(E) to implement transparent policy making and budget
procedures, good governance, and effective anticorruption
measures;
(F) to broaden public participation and popular
understanding of the principles and goals of poverty reduction,
particularly through economic growth, and good governance; and
(G) to promote the participation of citizens and
nongovernmental organizations in the economic policy choices of
the government.
(2) Faster debt relief
The Secretary of the Treasury should urge the IMF and the World
Bank to complete a debt sustainability analysis by December 31,
2000, and determine eligibility for debt relief, for as many of the
countries under the modified Heavily Indebted Poor Countries
Initiative as possible.
(b) Heavily Indebted Poor Countries review
The Secretary of the Treasury, after consulting with the Committees
on Banking and Financial Services and International Relations of the
House of Representatives, and the Committees on Foreign Relations and
Banking, Housing, and Urban Affairs of the Senate, shall make every
effort (including instructing the United States Directors at the IMF and
World Bank) to ensure that an external assessment of the modified
Heavily Indebted Poor Countries Initiative, including the reformed
Enhanced Structural Adjustment Facility program as it relates to that
Initiative, takes place by December 31, 2001, incorporating the views of
debtor governments and civil society, and that such assessment be made
public.
(c) Definition
The term ``modified Heavily Indebted Poor Countries Initiative''
means the multilateral debt initiative presented in the Report of G-7
Finance Ministers on the Koln Debt Initiative to the Koln Economic
Summit, Cologne, Germany, held from June 18-20, 1999.
(Pub. L. 95-118, title XVI, Sec. 1623, as added Pub. L. 106-113, div. B,
Sec. 1000(a)(5) [title V, Sec. 502], Nov. 29, 1999, 113 Stat. 1536,
1501A-313.)
Change of Name
Committee on Banking and Financial Services of House of
Representatives abolished and replaced by Committee on Financial
Services of House of Representatives, and jurisdiction over matters
relating to securities and exchanges and insurance generally transferred
from Committee on Energy and Commerce of House of Representatives by
House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.
Definitions
The definitions in section 262p-5 of this title apply to this
section.
Section Referred to in Other Sections
This section is referred to in sections 262p-7, 286nn of this title.
