gressional bodies and civil society groups in the 
countries. 
‘‘(2) REPORT.—Within 2 years after the date of 
the enactment of this section, the Comptroller Gen-
eral of the United States shall prepare and submit 
to the Committees on Financial Services and on 
Foreign Affairs of the House of Representatives and 
the Committees on Banking, Housing, and Urban 
Affairs and on Foreign Relations of the Senate a re-
port that contains the results of the audits under-
taken under paragraph (1). 
‘‘(e) AVAILABILITY
ON TREASURY DEPARTMENT 
WEBSITE OF REMARKS OF UNITED STATES EXECUTIVE 
DIRECTORS AT MEETINGS OF INTERNATIONAL FINAN-
CIAL INSTITUTIONS’ BOARDS OF DIRECTORS.—The Sec-
retary of the Treasury shall make available on the website 
of the Department of the Treasury the full record of the 
remarks of the United States Executive Director at meet-
ings of the boards of directors of the International Mone-
tary Fund, the World Bank, and the other international 
financial institutions (as so defined), about cancellation or 
reduction of debts owed to the institution involved, with 
redaction by the Secretary of the Treasury of material 
deemed too sensitive for public distribution, but showing
the topic, amount of material redacted, and reason for the 
redaction. 
‘‘(f) REPORT FROM THE COMPTROLLER GENERAL.— 
Within 1 year after the date of the enactment of this sec-
tion, the Comptroller General of the United States shall 
prepare and submit to the Committees on Financial Serv-
ices and on Foreign Affairs of the House of Representa-
tives and the Committees on Banking, Housing, and 
Urban Affairs and on Foreign Relations of the Senate a 
report on the availability of the ongoing operations, proce-
dures, and accounts of the IMF, the World Bank, and the 
other international financial institutions (as so defined) 
for canceling the debt of eligible low-income countries. 
‘‘(g) ANNUAL REPORTS FROM THE PRESIDENT.— 
Not later than December 31 of each year, the President 
shall submit to the Committees on Financial Services and 
on Foreign Affairs of the House of Representatives and 
the Committees on Foreign Relations and on Banking, 
Housing, and Urban Affairs of the Senate a report, which 
shall be made available to the public, on the activities un-
dertaken under this section, and other progress made in 
accomplishing the purposes of this section, for the prior 
fiscal year. The report shall include a list of the countries 
that have received debt cancellation, a list of the countries 
whose request for debt cancellation has been denied and
the reasons therefor, and a list of the countries whose re-
quests for debt cancellation are under consideration. 
‘‘(h) ELIGIBLE LOW-INCOME COUNTRY DEFINED.— 
In this section, the term ‘eligible low-income country’ 
means a country— 
‘‘(1) that is eligible for financing from the 
International Development Association but not from 
the World Bank, and does not qualify for debt relief 
under the Enhanced HIPC Initiative (as defined in 
section 1625(e)(3)) and under the Multilateral Debt 
Relief Initiative; 
‘‘(2) that has transparent and effective budget 
execution and public financial management systems 
which ensure that the savings from debt relief are 
spent on reducing poverty; 
‘‘(3) the government of which does not have an 
excessive level of military expenditures; 
‘‘(4) the government of which has not provided 
support for acts of international terrorism, as deter-
mined by the Secretary of State under section 
6(j)(1) of the Export Administration Act of 1979 
(50 U.S.C. App. 2405(j)(1)), or section 620A(a) of 
the Foreign Assistance Act of 1961 (22 U.S.C. 
2371(a));
‘‘(5) the government of which is cooperating 
with the United States on international narcotics 
control matters; 
‘‘(6) the government of which (including its 
military or other security forces) does not engage in 
a pattern of gross violations of internationally recog-
nized human rights (as defined in section 116 of the 
Foreign Assistance Act of 1961 (Public Law 87– 
195)); 
‘‘(7) the government of which has not been 
identified in the most recent Trafficking in Persons 
Report issued by the Department of State as not 
fully complying with minimum standards for elimi-
nating human trafficking and not making significant 
efforts to do so; 
‘‘(8) the government of which has been deter-
mined by the President to be cooperating with 
United States efforts to stop illegal immigration to 
the United States; 
‘‘(9) the government of which has been deter-
mined by the President to be committed to free and 
fair elections; 
‘‘(10) the government of which was chosen by 
and permits free and fair elections; and
‘‘(11) the government of which does not have 
business interests with Iran.’’. 
SEC. 4. LIMITATION ON CONDITIONALITY OF DEBT RELIEF 
FOR ELIGIBLE LOW-INCOME COUNTRIES. 
Title XVI of the International Financial Institutions 
Act (22 U.S.C. 262p—262p–8) is further amended by 
adding at the end the following: 
‘‘SEC. 1627. LIMITATION ON CONDITIONALITY OF DEBT RE-
LIEF 
FOR 
ELIGIBLE 
LOW-INCOME 
COUN-
TRIES. 
‘‘(a) IN GENERAL.—The Secretary of the Treasury 
shall commence immediate efforts within the Paris Club 
of Official Creditors, the International Monetary Fund 
(IMF), the International Bank for Reconstruction and De-
velopment (World Bank), and the other international fi-
nancial institutions (as defined in section 1701(c)(2)), to 
ensure that debt cancellation is provided to eligible low- 
income countries (as defined in section 1626(h)) subject 
to all and only the following conditions: That the govern-
ment of such a country— 
‘‘(1) take steps so that the financial benefits of 
debt relief are applied to programs to combat pov-
erty (in particular through concrete measures to im-
prove economic infrastructure, basic services in edu-
cation, nutrition, and health, particularly treatment