22 U.S.C. § 284y — Multilateral debt relief
submitted 15 years ago by Pub. L. 86-565 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 168 words · no verdicts yet
The Treasury Secretary may contribute up to $474,000,000 to the Association, to fund debt relief costs under the Multilateral Debt Relief Initiative during the sixteenth replenishment period. This is subject to appropriations and doesn't disturb funding deals already in place as of December 23, 2011. Congress authorized appropriating that same amount, and the section defines the Initiative by name.
The Secretary of the Treasury is authorized to contribute, on behalf of the United States, not more than $474,000,000 to the International Development Association for the purpose of funding debt relief cost under the Multilateral Debt Relief Initiative incurred in the period governed by the sixteenth replenishment of resources of the International Development Association, subject to obtaining the necessary appropriations and without prejudice to any funding arrangements in existence on December 23, 2011.
In order to pay for the United States contribution provided for in subsection (a), there are authorized to be appropriated, without fiscal year limitation, not more than $474,000,000 for payment by the Secretary of the Treasury.
In this section, the term “Multilateral Debt Relief Initiative” means the proposal set out in the G8 Finance Ministers’ Communiqué entitled “Conclusions on Development”, done at London, June 11, 2005, and reaffirmed by G8 Heads of State at the Gleneagles Summit on July 8, 2005.
Source credit: (Pub. L. 86–565, § 27, as added Pub. L. 112–74, div. I, title VII, § 7083(a), Dec. 23, 2011, 125 Stat. 1262.)
- 2011Enacted · Pub. L. 86-565 · 125 Stat. 1262
A history note hasn’t been published yet. The record shows enactment by Pub. L. 86-565 on 2011-12-23.
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