IMF and World Bank would continue to cover the cost of their share. IMF and World Bank would continue to cover the cost of their share. Commercial debt relief None. Asks debtor countries to seek treatment from commercial creditors that is comparable to that of bilateral creditors None. Assurances that freed resources will go for poverty reduction All accounts and records are to be made public so that these savings may be used for economic reform and basic social services, such as education, health care, clean water and sanitation, and prevent environmental degradation.
Civil society is to be involved in the process to ensure transparency and accountability.
Requires a country to set up a Human Development Fund to hold the savings from debt relief. The savings must go toward poverty reduction and environmental protection. The fund must operate transparently and with full participation of ordinary citizens and non-governmental groups. The President must certify that the savings resulting from debt cancellations be used for basic social services. Overall Approach To provide debt relief for HIPC countries for monies owed to the IMF, to end U.S. participation in and support of ESAF, to require that specific conditions be met before the IMF sells gold to address the debt issue, and to prohibit U.S. funding to the IMF until all multilateral debt owed to the IMF by the HIPC nations is cancelled.