(1) Many poor countries have been struggling 
under the burden of international debts for many 
years. 
(2) Many poor countries have debts that are 
odious because they were incurred by dictatorships 
that did not use the funds in ways that benefitted 
the population of the country. 
(3) The international Jubilee coalitions have 
been working to raise awareness of the needs of 
these impoverished countries for full debt cancella-
tion. 
(4) The International Monetary Fund (IMF) 
has imposed onerous structural adjustment require-
ments on many poor countries as a condition of past 
loans and of participation in debt relief programs. 
(5) Justice requires that these countries receive 
full cancellation of their debts. 
SEC. 3. CANCELLATION OF DEBT OWED BY ELIGIBLE POOR 
COUNTRIES. 
Title XVI of the International Financial Institutions 
Act (22 U.S.C. 262p–262p–8) is amended by adding at 
the end the following: 
‘‘SEC. 1626. CANCELLATION OF DEBT OWED BY ELIGIBLE 
POOR COUNTRIES. 
‘‘(a) IN GENERAL.—
‘‘(1) CANCELLATION
OF
DEBT.—In order to 
achieve multilateral debt cancellation and promote 
human and economic development and poverty alle-
viation in eligible poor countries, the Secretary of 
the Treasury shall commence immediate efforts, 
within the Paris Club of Official Creditors, the 
International Monetary Fund (IMF), the Inter-
national Bank for Reconstruction and Development 
(World Bank), and the other international financial 
institutions (as defined in section 1701(c)(2)), to ac-
complish the following: 
‘‘(A) Each international financial institu-
tion shall cancel all debts owed to the institu-
tion by eligible poor countries. To the extent 
possible, each institution shall finance the debt 
cancellation from their ongoing operations, pro-
cedures, and accounts. 
‘‘(B) Any waiting period before receiving 
debt cancellation shall not exceed 1 month from 
the date of an eligible poor country’s applica-
tion for debt cancellation. 
‘‘(C) The government of each eligible poor 
country shall be encouraged to allocate at least 
20 percent of its national budget, including the 
savings from the cancellation of debt, for the
provision of basic health care services, edu-
cation services, and clean water services to indi-
viduals in the country. In providing such serv-
ices, the government should seek input from a 
broad cross-section of members of civil society. 
‘‘(2) ESTABLISHMENT
OF
FRAMEWORK
FOR 
CREDITOR TRANSPARENCY.—In order to ensure that 
creditor activity is known and assessed by all stake-
holders, the Secretary of the Treasury shall com-
mence immediate efforts, within the Paris Club of 
Official Creditors, the International Monetary Fund 
(IMF), the International Bank for Reconstruction 
and Development (World Bank), and the other inter-
national financial institutions (as so defined), to en-
sure that each of such institutions— 
‘‘(A) continues to make efforts to promote 
greater transparency regarding the activities of 
the institution, including project design, project 
monitoring and evaluation, project implementa-
tion, resource allocation, and decisionmaking; 
and 
‘‘(B) supports continued efforts to allow 
informed participation and input by affected 
communities, including translation of informa-
tion on proposed projects, provision of informa-
tion through information technology applica-
tion, oral briefings, and outreach to and dia-
logue with community organizations and insti-
tutions in affected areas. 
‘‘(3) AVAILABILITY ON TREASURY DEPARTMENT 
WEBSITE OF REMARKS OF UNITED STATES EXECU-
TIVE DIRECTORS AT MEETINGS OF INTERNATIONAL 
FINANCIAL
INSTITUTIONS’ 
BOARDS
OF
DIREC-
TORS.—The Secretary 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 meetings of the 
Board of Directors of the International Monetary 
Fund (IMF), the International Bank for Recon-
struction and Development (World Bank), and the 
other international financial institutions (as so de-
fined), 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. 
‘‘(4) REPORT FROM THE COMPTROLLER GEN-
ERAL.—Within 1 year after the date of the enact-
ment of this section, the Comptroller General of the
United States shall prepare and submit to the Com-
mittee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Hous-
ing, and Urban Affairs of the Senate a report on the 
availability of the ongoing operations, procedures, 
and accounts of the International Monetary Fund 
(IMF), the International Bank for Reconstruction 
and Development (World Bank), and the other inter-
national financial institutions (as so defined) for 
canceling the debt of eligible poor countries. 
‘‘(5) ANNUAL
REPORTS
FROM
THE
PRESI-
DENT.—Not later than December 31 of each year, 
the President shall submit to the Committees on Fi-
nancial Services and on International Relations 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 under-
taken 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 such debt can-
cellation has been denied and the reasons therefor,