§ 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
Page 47 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 262p–4f

(2) the financing of programs to promote

such charitable, educational, and scientific

purposes should be facilitated in the context

of reducing and converting sovereign debt of

sub-Saharan governments, as encouraged in

the final communique of the June 1988 economic summit conference in Toronto, Canada,

through such means as—

(A) concessional interest rates;

(B) extended repayment periods; or

(C) partial or complete write-offs of debt

service obligations.

(b) Initiation of discussions to facilitate financing of human welfare and natural resource

programs in sub-Saharan Africa in connection with debt reduction and conversion

The Secretary of the Treasury shall instruct

the United States Executive Director of the African Development Bank and the African Development Fund to initiate discussions with the directors of such institutions and propose that

such institutions, jointly with the International

Bank for Reconstruction and Development, the

International Development Association, and the

International Finance Corporation, as appropriate, provide advice and assistance to government creditors holding sovereign debt of any

sub-Saharan government, and to sub-Saharan

governments which desire to finance programs

with local currencies obtained through debt reduction and conversion to promote charitable,

educational, and scientific (including conservation and restoration of natural resources) purposes, as a condition of reducing or converting

such sovereign debt.

(Pub. L. 95–118, title XVI, §1609, as added Pub. L.

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

2268–36.)

CODIFICATION

Section 1609 of Pub. L. 95–118 is based on section 9 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–4e. Extent to which borrowing country

governments have honored debt-for-development swap agreements to be considered as

factor in making loans to such borrowers

(a) 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 and propose that such bank

consider, as an important factor in making

loans to borrowing country governments, the

history of compliance by such governments

with, and the extent to which such governments

have honored, agreements entered into by such

governments as part of any debt-for-development swap which requires such governments to

set aside or otherwise limit the use of real property to conservation purposes.

(b) Definitions

As used in this section:

(1) 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.

(2) Qualified debt

The term ‘‘qualified debt’’ means—

(A) sovereign debt issued by a foreign government;

(B) debt owed by private institutions in

the country governed by such foreign government; and

(C) 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, §1610, as added Pub. L.

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

2268–36.)

CODIFICATION

Section 1610 of Pub. L. 95–118 is based on section 10 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–4f. Assistance to countries to develop statistical assessment of well-being of poor

(a) Findings

The Congress finds that—

(1) improvement in the capacity of developing countries to measure and monitor regularly the nutritional and physical well-being

of the poorest 40 percent of the population of

each of such countries is essential to the development of policies to reduce absolute poverty;

(2) internationally accepted statistical indicators that measure reliably the extent of absolute poverty and identify the location and

characteristics of the poor are being developed

and refined to guide policy formulation and

target assistance to the poor;

(3) such guidance by indicators is, however,

not able to be used in some developing countries, especially the poorest countries, due to

the woeful unavailability of statistical data;

(4) the International Bank for Reconstruction and Development and the International

Development Association have the technical

and financial capability to assist borrowing

country governments to develop such statistical measurement capabilities for social indicators necessary for the design and monitoring of poverty-reduction policies for such governments;

(5) availability of social indicator data is

also essential to the work of such institutions,