able basis, the standard of living of the poorest seg-
ments of the populations of the borrowing countries,
and increase the amount of resources of the respec-
tive institution devoted to the projects and programs
identified as most effective;
‘‘(2) include affected populations, local govern-
ments, and nongovernmental organizations in all
phases of the project cycle, from project identifica-
tion to post-project evaluation;
‘‘(3) include the economic empowerment of
women as a factor in evaluating projects and pro-
grams of the respective institution;
‘‘(4) encourage borrowing countries to redirect
military expenditures to fund investments in human
capital, including measures that promote education,
training, and health; and
‘‘(5) evaluate adequately, through environ-
mental impact assessments, the effect on the envi-
ronment and nonrenewable resource base of recipi-
ents’ economic growth strategies and structural ad-
justment and sector lending programs of the respec-
tive institution.’’.
(b) REPORTS TO THE CONGRESS.—Not later than
September 30, 1994, and not later than September 30,
1995, the Secretary of the Treasury shall submit to the
Committee on Banking, Finance and Urban Affairs of the
House of Representatives and the Committee on Foreign
Relations of the Senate reports on the efforts made pursu-
ant to section 1622 of the International Financial Institu-
tions Act, and the results of such efforts.
TITLE V—SPECIAL DEBT RELIEF
SEC. 501. SPECIAL DEBT RELIEF FOR THE POOREST, MOST
HEAVILY INDEBTED COUNTRIES.
(a) DEBT REDUCTION AUTHORITY.—The President
may reduce amounts of principal and interest owed by any
eligible country to the Export-Import Bank of the United
States as a result of loans or guarantees made under the
Export-Import Bank Act of 1945.
(b) LIMITATIONS.—
(1) TYPES OF DEBT REDUCTION.—The author-
ity provided by subsection (a) may be exercised only
to implement multilateral agreements to reduce the
burden of official bilateral debt as set forth in the
minutes of the so-called ‘‘Paris Club’’ (also known
as ‘‘Paris Club Agreed Minutes’’).
(2) ELIGIBLE COUNTRIES.—
(A) DEFINITION.—As used in subsection
(a), the term ‘‘eligible country’’ means any
country that—
(i) has excessively burdensome exter-
nal debt;
(ii) is eligible to borrow from the
International 
Development 
Association;
and
(iii) is not eligible to borrow from the
International Bank for Reconstruction and
Development.
(B) DETERMINATIONS.—Subject to sub-
paragraph (A), the President may determine
whether a country is an eligible country for
purposes of subsection (a).
(C) AUTHORITY TO EXCLUDE COUNTRIES
WITH UNACCEPTABLE HUMAN RIGHTS RECORDS
OR
EXCESSIVE
MILITARY
EXPENDITURES.—
Notwithstanding subparagraphs (A) and (B), a
country shall not be an eligible country for pur-
poses of subsection (a) if, in the sole discretion
of the President, the President determines
that—
(i) the human rights record of the
country is unacceptable; or
(ii) the level of military expenditures
by the country is excessive.
(3) APPROPRIATIONS.—The authority provided
by subsection (a) may be exercised only in such
amounts or to such extent as is provided in advance
in appropriations Acts.
(c) LIMITATIONS
ON AUTHORIZATION
OF APPRO-
PRIATIONS.—For debt reduction pursuant to this section,
there are authorized to be appropriated to the President
$48,300,000, without fiscal year limitation, except that
not more than $11,500,000 may be so appropriated for
fiscal year 1994.
(d) The Congress encourages the President to use the
amounts appropriated pursuant to subsection (c) to reduce
the bilateral debt of any eligible country in accordance
with the so-called ‘‘Trinidad Terms’’.
TITLE VI—MEASURES OF
MILITARY SPENDING
SEC. 601. JOINT DEVELOPMENT OF MEASURES OF MILI-
TARY SPENDING.
Section 60 of the Bretton Woods Agreements Act (22
U.S.C. 286mm) is amended—
(1) in subsection (a)—
(A) in paragraph (1)—
(i) by striking ‘‘BY THE FUND’’;
(ii) by striking ‘‘Director of the
Fund’’ and inserting ‘‘Directors of the
Fund and of the Bank’’;
(iii) by striking ‘‘urge the Fund, in
consultation with the Bank, to continue to
develop’’ and inserting ‘‘urge the Fund and
the Bank to cooperate and coordinate in
the continued development of’’; and
(iv) by inserting ‘‘, and in the report-
ing of such levels’’ before the period; and
(B) in paragraph (2), by inserting ‘‘and
the Bank’’ after ‘‘Fund’’; and
(2) in subsection (b)—
(A) by striking ‘‘BY FUND’’;
(B) by striking ‘‘Director of the Fund’’
and inserting ‘‘Directors of the Fund and of the
Bank’’;
(C) by striking ‘‘urge the Fund’’ and in-
serting ‘‘urge the Fund and the Bank’’;
(D) by striking ‘‘Board of the Fund’’ and
inserting ‘‘Boards of the Fund and of the
Bank, respectively,’’; and
(E) by striking ‘‘estimate by the Fund’’
and inserting ‘‘joint estimate of the Fund and
the Bank’’.