§ 262p–4c TITLE 22—FOREIGN RELATIONS AND INTERCOURSE Page 46

(c) Reports

(1) In general

The United States Executive Director of the

International Bank for Reconstruction and

Development shall submit 3 reports to the

Congress on—

(A) the progress made in transforming government-owned enterprises into privately

owned enterprises as described in subsection

(b) of this section;

(B) the performance of the privately owned

enterprises resulting from such transformation; and

(C) the contributions of development finance companies toward strengthening the

private sector in member borrowing countries.

(2) Timing

The United States Executive Director of the

International Bank for Reconstruction and

Development shall submit to the Congress the

first report required by paragraph (1) within 1

year after October 1, 1988, and shall submit additional reports 12 months, and 24 months,

after the date the first report is submitted.

(Pub. L. 95–118, title XVI, §1607, as added Pub. L.

100–461, title V, §555, Oct. 1, 1988, 102 Stat.

2268–36.)

CODIFICATION

Section 1607 of Pub. L. 95–118 is based on section 7 of

H.R. 4645, One Hundredth Congress, as reported Sept.

28, 1988, and enacted into law by Pub. L. 100–461.

DEFINITIONS

The definitions in section 262p–5 of this title apply to

this section.

§ 262p–4c. Initiation of discussions to facilitate

debt-for-development swaps for human welfare and environmental conservation

(a) Findings

The Congress finds that—

(1) voluntary debt-for-development swaps in

heavily indebted developing nations can simultaneously facilitate reduction of the burden of external indebtedness and increase the

resources available within the country for

charitable, educational, and scientific purposes, including environmental conservation,

education, human welfare, health, agricultural

research and development, microenterprise

credit, and development of indigenous nonprofit organizations; and

(2) heavily indebted developing countries

may desire to facilitate such swaps to the

maximum extent consistent with sound domestic economic management and minimization of inflationary impact.

(b) Initiation of discussions to facilitate debt-fordevelopment swaps for human welfare and

environmental conservation

(1) In general

The Secretary of the Treasury shall instruct

the United States Executive Director of the

International Bank for Reconstruction and

Development to initiate discussions with the

directors of such bank, the International Development Association, and the International

Finance Corporation and propose that such institutions provide advice and assistance, as

appropriate, to borrowing country governments desiring to facilitate debt-for-development swaps, on mechanisms (including trust

funds) to accomplish this purpose, particularly

in the context of debt rescheduling, which

mechanisms result in sound management of

the macroeconomic impact of such swaps on

such countries, and preserve the value of the

capital obtained through such swaps.

(2) Definitions

As used in this section:

(A) Debt-for-development swap

The term ‘‘debt-for-development swap’’

means the purchase of qualified debt by, or

the donation of such debt to, an organization

described in section 501(c)(3) of title 26 which

is exempt from taxation under section 501(a)

of title 26, and the subsequent transfer of

such debt to an organization located in such

foreign country in exchange for an undertaking by such tax-exempt organization,

such foreign government, or such foreign organization to engage in a charitable, educational, or scientific activity.

(B) Qualified debt

The term ‘‘qualified debt’’ means—

(i) sovereign debt issued by a foreign

government;

(ii) debt owed by private institutions in

the country governed by such foreign government; and

(iii) debt owed by institutions in the

country governed by such foreign government, which are owned, in part, by private

persons and, in part, by public institutions.

(Pub. L. 95–118, title XVI, §1608, as added Pub. L.

100–461, title V, §555, Oct. 1, 1988, 102 Stat.

2268–36.)

CODIFICATION

Section 1608 of Pub. L. 95–118 is based on section 8 of

H.R. 4645, One Hundredth Congress, as reported Sept.

28, 1988, and enacted into law by Pub. L. 100–461.

DEFINITIONS

The definitions in section 262p–5 of this title apply to

this section.

§ 262p–4d. Initiation of discussions to facilitate financing of human welfare and natural resource programs in sub-Saharan Africa in

connection with debt reduction and conversion

(a) Findings

The Congress finds that—

(1) the heavy burden of debt borne by sub-Saharan governments undermines efforts by such

governments to finance projects and programs

designed to promote charitable, educational,

and scientific purposes, including education,

human welfare, health, agricultural research

and development, and conservation, restoration and enhancement of the natural resource

base; and