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22 U.S.C. § 262p–12Cancellation of Haiti’s debts to international financial institutions

submitted 16 years ago by Pub. L. 95-118 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 287 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law urges the Treasury Secretary to push international lenders to cancel Haiti's remaining debts. It also calls for using IMF gold-sale profits to fund debt relief and grants for Haiti. Treasury and State should also seek cancellation of Haiti's other debts.

(a) In general The Secretary of the Treasury should tell the U.S. representative at the IMF, the International Development Association, the Inter-American Development Bank, the International Fund for Agricultural Development, and other similar lending groups to use America's voice and vote to push for three things: (1) canceling all of Haiti's remaining debt to these institutions right away; (2) pausing Haiti's debt payments to these institutions until the debt is fully canceled; and (3) making sure that before February 1, 2015, these institutions give Haiti emergency, humanitarian, and rebuilding help as free grants, not loans, so Haiti doesn't pile up new debt. (b) Use of certain funds for assistance to Haiti The Secretary of the Treasury should tell the U.S. representative at the IMF to push for using some of the extra profit the IMF made selling 12,965,649 ounces of gold. This is money left over after the IMF put enough into its Poverty Reduction and Growth Trust. That extra money should go toward relieving Haiti's debt and, before February 1, 2015, providing grants to Haiti. (c) Securing other relief for Haiti The Secretaries of the Treasury and State should use every diplomatic tool available to get Haiti's remaining debts to other governments, other international lenders, and private lenders canceled too.
the actual law source: uscode.house.gov ↗public domain
(a) In general

The Secretary of the Treasury should direct the United States Executive Director at the International Monetary Fund, the International Development Association, the Inter-American Development Bank, the International Fund for Agricultural Development, and other multilateral development institutions (as defined in section 262r(c)(3) of this title) to use the voice, vote and influence of the United States at each such institution to seek to achieve—

(1)

the immediate and complete cancellation of any and all remaining debts owed by Haiti to such institutions;

(2)

the suspension of Haiti’s debt service payments to such institutions until such time as the debts are canceled completely; and

(3)

the provision, before February 1, 2015, of emergency, humanitarian and reconstruction assistance from such institutions to Haiti in the form of grants or other assistance such that Haiti does not accumulate debt.

(b) Use of certain funds for assistance to Haiti

The Secretary of the Treasury should instruct the United States Executive Director of the International Monetary Fund to advocate the use of some of the realized windfall profits that exceed the required contribution to the Poverty Reduction and Growth Trust (as referenced in the IMF Reforms Financial Facilities for Low-Income Countries Public Information Notice (PIN) No. 09/94) from the ongoing sale of 12,965,649 ounces of gold acquired since the second Amendment of the Fund’s Article of Agreement, to provide debt stock relief and debt service relief for Haiti and, before February 1, 2015, to provide grants for Haiti.

(c) Securing other relief for Haiti

The Secretary of the Treasury and the Secretary of State should use all appropriate diplomatic influence to secure cancellation of any and all remaining bilateral, multilateral and private creditor debt owed by Haiti.

Source credit: (Pub. L. 95–118, title XVI, § 1628, as added Pub. L. 111–158, § 2, Apr. 26, 2010, 124 Stat. 1121.)

history & why it existsrecord from the source credit
  • 2010Enacted · Pub. L. 95-118 · 124 Stat. 1121

A history note hasn’t been published yet. The record shows enactment by Pub. L. 95-118 on 2010-04-26.

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