IV 

110TH CONGRESS 

1ST SESSION H. RES. 241 

Urging multilateral financial institutions to cancel completely and immediately 

Haiti’s debts to such institutions, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 13, 2007 

Ms. WATERS (for herself, Mr. BACHUS, Mr. DELAHUNT, Ms. LEE, Mr. 

PAYNE, Mr. CONYERS, Mr. GUTIERREZ, and Mrs. MALONEY of New 

York) submitted the following resolution; which was referred to the Committee on Financial Services 

RESOLUTION 

Urging multilateral financial institutions to cancel completely 

and immediately Haiti’s debts to such institutions, 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; 

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 proVerDate Aug 31 2005 23:01 Mar 14, 2007 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6300 E:\BILLS\HR241.IH HR241

hsrobinson on PROD1PC76 with BILLS
2 

•HRES 241 IH 

vide 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 $1,097,800,000 

to multilateral financial institutions, including 

$21,400,000 to the IMF, $507,100,000 to the World 

Bank, and $533,900,000 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 

$56,200,000 on debt service payments to multilateral 

creditors during the 2006-2007 fiscal year, including 

$17,000,000 to the IMF, $11,600,000 to the World 

Bank, and $25,700,000 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 participated in the Enhanced Heavily Indebted Poor Countries Initiative since November 22, 

2006, but has not been able to participate in the Multilateral Debt Relief Initiative; 

Whereas the IMF has predicted that Haiti may not receive 

complete debt cancellation from the IMF and the World 


hsrobinson on PROD1PC76 with BILLS
3 

•HRES 241 IH 

Bank under the Multilateral Debt Relief Initiative until 

September of 2008; 

Whereas the impoverished people of Haiti cannot wait until 

September of 2008 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 

democratically-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 and immediately Haiti’s debts to 

7 such institutions; and 

8 (2) the Secretary of the Treasury to instruct 

9 the United States Executive Directors at such insti10 tutions to use the voice, vote, and influence of the 

11 United States to accomplish this goal. 

Æ 


hsrobinson on PROD1PC76 with BILLS