IV 

109TH CONGRESS 

2D SESSION H. RES. 888 

Urging multilateral financial institutions to cancel Haiti’s debts to such institutions under the Enhanced Heavily Indebted Poor Countries Initiative 

and the Multilateral Debt Relief Initiative immediately, and for other 

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 22, 2006 

Ms. WATERS (for herself, Mr. FRANK of Massachusetts, Mr. FOLEY, Mrs. 

MALONEY, Mr. LEACH, Mr. DELAHUNT, Mr. BACHUS, Ms. LEE, Mr. 

PAYNE, Mr. ENGEL, Mr. CONYERS, and Mr. RANGEL) submitted the following resolution; which was referred to the Committee on Financial 

Services 

RESOLUTION 

Urging multilateral financial institutions to cancel Haiti’s 

debts to such institutions under the Enhanced Heavily 

Indebted Poor Countries Initiative and the Multilateral 

Debt Relief Initiative immediately, and for other purposes. 

Whereas the Enhanced Heavily Indebted Poor Countries Initiative was established by the International Monetary 

Fund (IMF) and the International Bank for Reconstruction and Development (World Bank), in 1999, to reduce 

the excessive debt burdens of the world’s poorest countries, including debts owed to the IMF, the World Bank, 

and the Inter-American Development Bank; 


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•HRES 888 IH 

Whereas the Multilateral Debt Relief Initiative was negotiated by the leaders of the G–8 countries at the G–8 

Summit in Gleneagles, Scotland, in 2005, in order to provide eligible poor countries complete cancellation of debts 

owed to the IMF and the World Bank; 

Whereas Haiti is the poorest country in the Western Hemisphere; 

Whereas violence and natural disasters have caused tremendous suffering and loss of life in Haiti; 

Whereas the IMF estimates that Haiti owes $1,071,700,000 

to multilateral financial institutions, including 

$9,100,000 to the IMF, $566,700,000 to the World 

Bank, and $470,900,000 to the Inter-American Development Bank; 

Whereas much of Haiti’s debt burden was accumulated during the oppressive rule of the Duvalier regimes, which did 

not use the money for the benefit of the Haitian people; 

Whereas the IMF estimated that Haiti would spend 

$46,200,000 on debt service payments to multilateral 

creditors during the 2005 fiscal year, including 

$4,800,000 to the IMF, $16,800,000 to the World Bank, 

and $21,600,000 to the Inter-American Development 

Bank; 

Whereas the debt service payments that the government of 

Haiti makes to multilateral creditors take money away 

from critical infrastructure development projects and essential government services, including health care and 

education; 

Whereas Haiti has never benefitted from participation in the 

Enhanced Heavily Indebted Poor Countries Initiative or 

the Multilateral Debt Relief Initiative; 


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•HRES 888 IH 

Whereas the World Bank has predicted that Haiti may not 

receive complete debt cancellation from the IMF and the 

World Bank under the Multilateral Debt Relief Initiative 

until 2009; 

Whereas the impoverished people of Haiti cannot wait until 

2009 to experience the benefits of complete debt cancellation; 

Whereas, on May 14, 2006, Rene Garcia Preval was sworn 

in as the President of Haiti following democratic elections in which 2,200,000 Haitians—more than 60 percent of registered voters—participated; and 

Whereas the cancellation of Haiti’s debts will enable the 

newly-elected government of Haiti to improve health care, 

education, and other essential government services, invest 

in critical infrastructure, and improve the lives of the 

Haitian people: Now, therefore, be it 

1 Resolved, That the House of Representatives urges— 

2 (1) the International Monetary Fund, the Inter3 national Bank for Reconstruction and Development 

4 (World Bank), the Inter-American Development 

5 Bank, and other multilateral financial institutions to 

6 cancel completely Haiti’s debts to such institutions 

7 under the Enhanced Heavily Indebted Poor Coun8 tries Initiative and the Multilateral Debt Relief Ini9 tiative immediately; and 

10 (2) the Secretary of the Treasury to instruct 

11 the United States Executive Directors at such instiVerDate Aug 31 2005 22:04 Jun 23, 2006 Jkt 049200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\HR888.IH HR888

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•HRES 888 IH 

1 tutions to use the voice, vote, and influence of the 

2 United States to accomplish this goal. 

Æ 


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