IB 

Union Calendar No. 354 

110TH CONGRESS 

2D SESSION H. R. 2634 

[Report No. 110–575] 

To provide for greater responsibility in lending and expanded cancellation 

of debts owed to the United States and the international financial institutions by low-income countries, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 7, 2007 

Ms. WATERS (for herself, Mr. BACHUS, Mrs. MALONEY of New York, Mr. 

GUTIERREZ, Mr. PAYNE, Ms. LEE, and Mr. CLEAVER) introduced the following bill; which was referred to the Committee on Financial Services 

APRIL 10, 2008 

Additional sponsors: Mr. BLUMENAUER, Mr. CLAY, Mr. HASTINGS of Florida, 

Ms. JACKSON-LEE of Texas, Mr. JEFFERSON, Mr. GRIJALVA, Mr. HINCHEY, Ms. NORTON, Mr. WU, Ms. EDDIE BERNICE JOHNSON of Texas, 

Mr. RUSH, Ms. SCHAKOWSKY, Mr. MCNULTY, Mr. RANGEL, Ms. CARSON, Mr. MORAN of Virginia, Mr. MCGOVERN, Ms. CORRINE BROWN of 

Florida, Mr. CONYERS, Mr. DAVIS of Alabama, Mr. STARK, Mrs. CAPPS, 

Mrs. CHRISTENSEN, Ms. DELAURO, Mr. FILNER, Ms. ZOE LOFGREN of 

California, Mr. SERRANO, Mr. LEWIS of Georgia, Ms. MOORE of Wisconsin, Mr. WEXLER, Mr. AL GREEN of Texas, Mr. JACKSON of Illinois, 

Mr. GEORGE MILLER of California, Mr. BISHOP of Georgia, Mr. OBERSTAR, Mr. BRADY of Pennsylvania, Ms. WOOLSEY, Mr. WATT, Mr. 

FATTAH, Mr. KUCINICH, Mr. DOYLE, Mr. MCDERMOTT, Mr. COHEN, Mr. 

OLVER, Mr. EDWARDS, Mr. HONDA, Ms. WATSON, Mr. WELCH of 

Vermont, Mr. MURPHY of Connecticut, Mrs. DAVIS of California, Mr. 

PASTOR, Mr. BERMAN, Mrs. JONES of Ohio, Ms. BALDWIN, Mr. 

DOGGETT, Mr. CROWLEY, Ms. WASSERMAN SCHULTZ, Mr. VAN HOLLEN, 

Mr. DAVIS of Illinois, Ms. RICHARDSON, Mr. ELLISON, Mr. CARNAHAN, 

Mr. LOEBSACK, Mr. SNYDER, Mr. DEFAZIO, Mr. FARR, Mr. WALDEN of 

Oregon, Ms. HOOLEY, Ms. ESHOO, Mr. ENGEL, Mr. MEEK of Florida, 

Mr. DELAHUNT, Mr. BISHOP of New York, Mr. BRALEY of Iowa, Mr. 

FRANK of Massachusetts, Mr. GERLACH, Mr. LYNCH, Mr. THOMPSON of 

Mississippi, Mrs. LOWEY, Mr. WYNN, Mr. ANDREWS, Mr. BOUCHER, Mr. 


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MEEKS of New York, Mr. TOWNS, Ms. KILPATRICK, Mr. PRICE of North 

Carolina, Mr. CAPUANO, Ms. KAPTUR, Ms. VELA ́ZQUEZ, Ms. CLARKE, 

Mr. SARBANES, Mr. WALZ of Minnesota, Mr. HODES, Mrs. BIGGERT, Mr. 

BACA, Mr. SHERMAN, Mr. ROTHMAN, and Ms. ROS-LEHTINEN

APRIL 10, 2008 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on June 7, 2007] 

A BILL 

To provide for greater responsibility in lending and expanded 

cancellation of debts owed to the United States and 

the international financial institutions by low-income 

countries, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Jubilee Act for Respon5 sible Lending and Expanded Debt Cancellation of 2008’’. 

6 SEC. 2. FINDINGS. 

7 The Congress finds the following: 

8 (1) Many low-income countries have been strug9 gling under the burden of international debts for 

10 many years. 

11 (2) Since 1996, when the Heavily Indebted Poor 

12 Countries Initiative (HIPC) was created, more than 


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1 30 nations have seen some form of debt relief totaling 

2 approximately $80,000,000,000. 

3 (3) Congress has demonstrated its support for bi4 lateral and multilateral debt relief through the enact5 ment of comprehensive debt relief initiatives for heav6 ily indebted low-income countries in— 

7 (A) title V of H.R. 3425 of the 106th Con8 gress, as enacted into law by section 1000(a)(5) 

9 of the Act entitled ‘‘An Act making consolidated 

10 appropriations for the fiscal year ending Sep11 tember 30, 2000, and for other purposes’’, ap12 proved November 29, 1999 (Public Law 106–113; 

13 113 Stat. 1501–311) and the amendments made 

14 by such title; 

15 (B) title II of H.R. 5526 of the 106th Con16 gress, as enacted into law by section 101(a) of 

17 the Act entitled ‘‘An Act making appropriations 

18 for foreign operations, export financing, and re19 lated programs for the fiscal year ending Sep20 tember 30, 2001, and for other purposes’’, ap21 proved November 6, 2000 (Public Law 106–429; 

22 114 Stat. 1900A–5); and 

23 (C) title V of the United States Leadership 

24 Against HIV/AIDS, Tuberculosis, and Malaria 


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1 Act of 2003 (Public Law 108–25; 117 Stat. 747) 

2 and the amendment made by such title. 

3 (4) In 2005, the United States and other G–8 

4 nations reached an agreement to provide cancellation 

5 of 100 percent of the debts owed by eligible poor na6 tions to Paris Club members, the IMF, the World 

7 Bank, and the African Development Bank. The Inter8 American Development Bank reached an agreement 

9 in early 2007 to provide similar treatment. 

10 (5) The 2005 agreement led to the creation of the 

11 Multilateral Debt Relief Initiative (MDRI). As of 

12 April 2007, 22 nations have seen the majority of their 

13 debts to the IMF, World Bank, and African Develop14 ment Bank cancelled under the terms of the MDRI. 

15 In March 2007, the Inter-American Development 

16 Bank announced it would provide full debt cancella17 tion to 5 Latin American countries on MDRI terms. 

18 (6) Resources released by debt relief efforts to 

19 date are reaching the poor. Cameroon is using the 

20 $29,800,000 of savings it will gain from the MDRI in 

21 2006 for national poverty reduction priorities, includ22 ing infrastructure, social sector and governance re23 forms. Uganda is using its $57,900,000 savings in 

24 2006 on improving energy infrastructure to try to 

25 ease acute electricity shortages, as well as primary 


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1 education, malaria control, healthcare and water in2 frastructure (specifically targeting the poor and 

3 under-served villages). Zambia is using its savings of 

4 $23,800,000 under the MDRI in 2006 to increase 

5 spending on agricultural projects, such as smallholder 

6 irrigation and livestock disease control, as well as to 

7 eliminate fees for healthcare in rural areas. 

8 (7) While debt cancellation has a record of suc9 cess, there remains an unfinished agenda on inter10 national debt. There are a number of challenges to 

11 both the effective reduction of poverty and inequality 

12 and the achievement of broader debt cancellation. 

13 (8) 2007 is an important year to address the un14 finished agenda on international debt as the global 

15 Jubilee debt campaign has declared 2007 a ‘‘Sabbath 

16 year’’, 7 years after the historic Jubilee 2000 cam17 paign. 

18 (9) A critical issue which needs to be addressed 

19 on debt is the way that non-concessional lenders stand 

20 to gain financially from lending to poor countries 

21 that have benefited from debt relief without having 

22 paid for past debt relief or facing the prospect of pay23 ing for the future relief of unsustainable and irre24 sponsible new lending. In these cases, the gains of debt 

25 relief for poor debtor countries are at risk of being 


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1 eroded. This takes the form of new lending to coun2 tries that have received debt cancellation from coun3 tries including China. 

4 (10) It is also essential that all lenders and bor5 rowers accept co-responsibility and learn from past 

6 mistakes—as evidenced by the debt crisis itself—by 

7 making more productive investment choices and en8 gaging in more responsible lending and borrowing in 

9 the future. In October 2006, Norway became the first 

10 creditor to accept co-responsibility for past lending 

11 mistakes and cancelled the debt of 5 nations on the 

12 grounds that the loans reflected poor development pol13 icy. 

14 (11) A growing number of governments and 

15 intergovernmental bodies, including the United King16 dom, the European Commission, and Norway, are 

17 raising concerns about the harmful impacts of eco18 nomic policy conditionality. Many impoverished 

19 countries that have received debt cancellation under 

20 the HIPC and MDRI initiatives have done so at a 

21 high social cost, because they have had to implement 

22 economic policy conditions such as privatization of 

23 public utilities and other basic services, adhere to 

24 budget ceilings imposed by the IMF, and comply with 

25 other harmful requirements. Some of these policies 


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1 have had the effect of limiting fiscal space for produc2 tive investment and threatening growth and human 

3 development. Several countries currently eligible for 

4 debt cancellation under the HIPC or MDRI programs 

5 are facing extended delays in receiving cancellation 

6 because they are struggling to comply with such re7 quirements from the IMF and World Bank. 

8 (12) There is also an urgent need to look beyond 

9 the constraints of current debt relief initiatives to ad10 dress the need for expanded debt cancellation. The 

11 current initiatives allow countries to qualify for relief 

12 based on economic criteria rather than human needs. 

13 A January 2007 report by the United Nations 

14 Human Rights Council found that eligibility for debt 

15 cancellation should be expanded to cover all low-in16 come countries. 

17 (13) The Government of the United Kingdom has 

18 proposed that qualification for the MDRI be extended 

19 to the 67 nations which qualify for assistance exclu20 sively from the International Development Associa21 tion. To be eligible for cancellation, countries must 

22 meet requirements pertaining to public financial 

23 management, anti-corruption measures, and budget 

24 transparency. 


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1 (14) Since debt cancellation is an essential com2 ponent of the United States development assistance 

3 strategy and the United States has been able to lead 

4 the debt cancellation efforts of the international com5 munity by example, the United States should con6 tinue to work to improve and expand initiatives in 

7 this area. 

8 (15) The United States has been a leader in sup9 porting debt relief efforts to date and should continue 

10 to work to improve and expand initiatives in this 

11 area. 

12 SEC. 3. CANCELLATION OF DEBT OWED BY ELIGIBLE LOW13 INCOME COUNTRIES. 

14 Title XVI of the International Financial Institutions 

15 Act (22 U.S.C. 262p—262p–8) is amended by adding at 

16 the end the following: 

17 ‘‘SEC. 1626. CANCELLATION OF DEBT OWED BY ELIGIBLE 

18 LOW-INCOME COUNTRIES. 

19 ‘‘(a) IN GENERAL.—The Secretary of the Treasury 

20 shall commence immediate efforts, within the Paris Club 

21 of Official Creditors, the International Monetary Fund 

22 (IMF), the International Bank for Reconstruction and De23 velopment (World Bank), and the other international finan24 cial institutions (as defined in section 1701(c)(2)), to nego25 tiate an agreement to accomplish the following: 


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1 ‘‘(1) Cancellation by each international financial 

2 institution of all debts owed to the institution by eli3 gible low-income countries, and, to the extent possible, 

4 financing the debt cancellation from the ongoing oper5 ations, procedures, and accounts of the institution. 

6 ‘‘(2) Cancellation by the United States of all 

7 debts owed to it by eligible low-income countries. 

8 ‘‘(3) Ensuring that any waiting period for the 

9 enhanced debt cancellation is not excessive. 

10 ‘‘(4) Ensuring that the provision of debt can11 cellation to eligible low-income countries is not fol12 lowed by a reduction in the provision of any other de13 velopment assistance to the countries by international 

14 financial institutions and bilateral creditors. 

15 ‘‘(5) Encouraging the government of each eligible 

16 low-income country to allocate at least 20 percent of 

17 its national budget towards poverty-alleviation pro18 grams such as the provision of basic health care serv19 ices, education services, and clean water services to all 

20 individuals in the country. 

21 This subsection shall not be interpreted to authorize the Sec22 retary of the Treasury to enter into an agreement to accom23 plish any of the foregoing without express congressional au24 thorization to do so. 


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1 ‘‘(b) ESTABLISHMENT OF FRAMEWORK FOR CREDITOR

2 TRANSPARENCY.—The Secretary of the Treasury shall com3 mence immediate efforts, within the Paris Club of Official 

4 Creditors, the International Monetary Fund, the World 

5 Bank, and the other international financial institutions (as 

6 so defined), to ensure that each of the institutions— 

7 ‘‘(1) continues to make efforts to promote greater 

8 transparency regarding the activities of the institu9 tion, including credit, grant, guarantee, and technical 

10 assistance operations, following a policy of maximum 

11 disclosure; and 

12 ‘‘(2) supports continued efforts to allow informed 

13 participation and input by affected communities, in14 cluding translation of information on proposed 

15 projects, provision of information (including draft 

16 documents) through information technology applica17 tion, oral briefings, and outreach to and dialogue 

18 with community organizations and institutions in af19 fected areas. 

20 ‘‘(c) ESTABLISHMENT OF FRAMEWORK FOR RESPON21 SIBLE LENDING.—The Secretary of the Treasury shall com22 mence immediate efforts to— 

23 ‘‘(1) develop and promote policies to ensure all 

24 creditors, with no distinction, will contribute to preVerDate Aug 31 2005 22:00 Apr 10, 2008 Jkt 069200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6203 E:\BILLS\H2634.RH H2634

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1 serving the gains of debt relief for low-income debtor 

2 countries; 

3 ‘‘(2) provide that the external financing needs of 

4 low-income countries are met primarily through 

5 grant financing rather than new lending; 

6 ‘‘(3) seek the international adoption of a binding 

7 legal framework on new lending that— 

8 ‘‘(A) guarantees that no creditor can take or 

9 expect to take financial advantage of acquired or 

10 newly awarded debt relief through the terms and 

11 rates of such lending to beneficiary countries; 

12 ‘‘(B) is binding on all creditors, whether 

13 multilateral, bilateral or private; 

14 ‘‘(C) foresees, as a sanction for creditors 

15 who violate it, an equitable share in the burden 

16 of the losses from any future debt relief needed by 

17 the sovereign debtor to whom lending was irre18 sponsibly provided; 

19 ‘‘(D) provides for decisions on irresponsible 

20 lending to be made by an entity independent 

21 from the creditors; and 

22 ‘‘(E) enables fair opportunities for the peo23 ple of the affected country to be heard; and 

24 ‘‘(4) support the development of responsible fi25 nancing standards where creditors and aid/loan reVerDate Aug 31 2005 22:00 Apr 10, 2008 Jkt 069200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6203 E:\BILLS\H2634.RH H2634

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1 cipients alike adhere to standards to assure trans2 parency and accountability to citizens, human rights, 

3 and the avoidance of new odious debt, while encour4 aging the development of renewable energy and help5 ing countries to transition away from dependence on 

6 oil. 

7 ‘‘(d) GAO AUDIT OF DEBT PORTFOLIOS OF COUN8 TRIES WITH QUESTIONABLE LOANS.— 

9 ‘‘(1) IN GENERAL.—The Comptroller General of 

10 the United States shall undertake an audit of the debt 

11 portfolios of previous governments in countries such 

12 as the Democratic Republic of Congo and South Afri13 ca, where there is significant evidence that odious, on14 erous, or illegal loans were made to the government. 

15 Each such audit shall— 

16 ‘‘(A) consider debt owed to the World Bank, 

17 the IMF, and the other international financial 

18 institutions (as so defined), export credit debts 

19 owed to governments, and debts owed to commer20 cial creditors, and assess whether or not past in21 vestments produced the intended results; 

22 ‘‘(B) investigate the process by which the 

23 loans were contracted, how the funds were used, 

24 and determine whether United States or inter25 national laws were violated in the contraction of 


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1 these loans, and whether any of the loans were 

2 odious or onerous; and 

3 ‘‘(C) be planned and executed in a trans4 parent and consultative manner, engaging con5 gressional bodies and civil society groups in the 

6 countries. 

7 ‘‘(2) REPORT.—Within 2 years after the date of 

8 the enactment of this section, the Comptroller General 

9 of the United States shall prepare and submit to the 

10 Committees on Financial Services and on Foreign Af11 fairs of the House of Representatives and the Commit12 tees on Banking, Housing, and Urban Affairs and on 

13 Foreign Relations of the Senate a report that contains 

14 the results of the audits undertaken under paragraph 

15 (1). 

16 ‘‘(e) AVAILABILITY ON TREASURY DEPARTMENT

17 WEBSITE OF REMARKS OF UNITED STATES EXECUTIVE DI18 RECTORS AT MEETINGS OF INTERNATIONAL FINANCIAL IN19 STITUTIONS’ BOARDS OF DIRECTORS.—The Secretary of the 

20 Treasury shall make available on the website of the Depart21 ment of the Treasury the full record of the remarks of the 

22 United States Executive Director at meetings of the boards 

23 of directors of the International Monetary Fund, the World 

24 Bank, and the other international financial institutions (as 

25 so defined), about cancellation or reduction of debts owed 


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1 to the institution involved, with redaction by the Secretary 

2 of the Treasury of material deemed too sensitive for public 

3 distribution, but showing the topic, amount of material re4 dacted, and reason for the redaction. 

5 ‘‘(f) REPORT FROM THE COMPTROLLER GENERAL.— 

6 Within 1 year after the date of the enactment of this section, 

7 the Comptroller General of the United States shall prepare 

8 and submit to the Committees on Financial Services and 

9 on Foreign Affairs of the House of Representatives and the 

10 Committees on Banking, Housing, and Urban Affairs and 

11 on Foreign Relations of the Senate a report on the avail12 ability of the ongoing operations, procedures, and accounts 

13 of the IMF, the World Bank, and the other international 

14 financial institutions (as so defined) for canceling the debt 

15 of eligible low-income countries. 

16 ‘‘(g) ANNUAL REPORTS FROM THE PRESIDENT.—Not 

17 later than December 31 of each year, the President shall 

18 submit to the Committees on Financial Services and on 

19 Foreign Affairs of the House of Representatives and the 

20 Committees on Foreign Relations and on Banking, Hous21 ing, and Urban Affairs of the Senate a report, which shall 

22 be made available to the public, on the activities undertaken 

23 under this section, and other progress made in accom24 plishing the purposes of this section, for the prior fiscal 

25 year. The report shall include a list of the countries that 


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1 have received debt cancellation, a list of the countries whose 

2 request for debt cancellation has been denied and the reasons 

3 therefor, and a list of the countries whose requests for debt 

4 cancellation are under consideration. 

5 ‘‘(h) ELIGIBLE LOW-INCOME COUNTRY DEFINED.—In 

6 this section, the term ‘eligible low-income country’ means 

7 a country— 

8 ‘‘(1) that is eligible for financing from the Inter9 national Development Association but not the World 

10 Bank, and does not qualify for debt relief under the 

11 Enhanced HIPC Initiative (as defined in section 

12 1625(e)(3)) and under the Multilateral Debt Relief 

13 Initiative; 

14 ‘‘(2) that has transparent and effective budget 

15 execution and public financial management systems 

16 which ensure that the savings from debt relief are 

17 spent on reducing poverty; 

18 ‘‘(3) the government of which does not have an 

19 excessive level of military expenditures; 

20 ‘‘(4) the government of which has not repeatedly 

21 provided support for acts of international terrorism, 

22 as determined by the Secretary of State under section 

23 6(j)(1) of the Export Administration Act of 1979 (50 

24 U.S.C. App. 2405(j)(1)), or section 620A(a) of the 

25 Foreign Assistance Act of 1961 (22 U.S.C. 2371(a)); 


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1 ‘‘(5) the government of which is cooperating on 

2 international narcotics control matters; and 

3 ‘‘(6) the government of which (including its mili4 tary or other security forces) does not engage in a 

5 consistent pattern of gross violations of internation6 ally recognized human rights.’’. 

7 SEC. 4. LIMITATION ON CONDITIONALITY OF DEBT RELIEF 

8 FOR ELIGIBLE LOW-INCOME COUNTRIES. 

9 Title XVI of the International Financial Institutions 

10 Act (22 U.S.C. 262p—262p–8) is further amended by add11 ing at the end the following: 

12 ‘‘SEC. 1627. LIMITATION ON CONDITIONALITY OF DEBT RE13 LIEF FOR ELIGIBLE LOW-INCOME COUNTRIES. 

14 ‘‘(a) IN GENERAL.—The Secretary of the Treasury 

15 shall commence immediate efforts within the Paris Club of 

16 Official Creditors, the International Monetary Fund (IMF), 

17 the International Bank for Reconstruction and Develop18 ment (World Bank), and the other international financial 

19 institutions (as defined in section 1701(c)(2)), to ensure 

20 that debt cancellation is provided to eligible low-income 

21 countries (as defined in section 1626(h)) without any condi22 tions except requiring the government of such a country 

23 to— 

24 ‘‘(1) take steps so that the financial benefits of 

25 debt relief are applied to programs to combat poverty 


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1 (in particular through concrete measures to improve 

2 economic infrastructure, basic services in education, 

3 nutrition, and health, particularly treatment and 

4 prevention of the leading causes of mortality) and to 

5 redress environmental degradation; 

6 ‘‘(2) make policy decisions through transparent 

7 and participatory processes; 

8 ‘‘(3) adopt an integrated development strategy to 

9 support poverty reduction through economic growth, 

10 that includes monitorable poverty reduction goals; 

11 ‘‘(4) implement transparent policy making and 

12 budget procedures, good governance, and effective 

13 anticorruption measures; 

14 ‘‘(5) broaden public participation and popular 

15 understanding of the principles and goals of poverty 

16 reduction, particularly through economic growth, and 

17 good governance; 

18 ‘‘(6) promote the participation of citizens and 

19 nongovernmental organizations in the economic pol20 icy choices of the government; and 

21 ‘‘(7) produce an annual report disclosing how 

22 the savings from debt cancellation were used, and 

23 make the report publicly available and easily acces24 sible to all interested parties, including civil society 

25 groups and the media. 


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1 ‘‘(b) ANNUAL REPORTS TO THE CONGRESS.—Not later 

2 than December 31 of each year, the President shall submit 

3 to the Committees on Financial Services and on Inter4 national Relations of the House of Representatives and the 

5 Committees on Foreign Relations and on Banking, Hous6 ing, and Urban Affairs of the Senate a report, which shall 

7 be made available to the public, on the activities undertaken 

8 under this section, and other progress made in accom9 plishing the purposes of this section, for the prior fiscal 

10 year.’’. 

11 SEC. 5. SENSE OF THE CONGRESS. 

12 It is the sense of the Congress that to further the goals 

13 of debt reduction for low-income countries, in addition to 

14 the efforts described in this Act, the United States should 

15 pay off outstanding arrearages of $595,800,000 to the Inter16 national Development Association and regional develop17 ment banks, and become current on all debt reduction ef18 forts, including those carried out by the International De19 velopment Association and under the Enhanced Heavily In20 debted Poor Countries Initiative and the Multilateral Debt 

21 Relief Initiative. 


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Union Calendar No. 354 

110TH CONGRESS 

2D SESSION H. R. 2634 

[Report No. 110

–575] 

A BILL 

To provide for greater responsibility in lending and 

purposes. stitutions by low-income countries, and for other United States and the international financial inexpanded cancellation of debts owed to the 

APRIL 10, 2008 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


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