22 U.S.C. § 7681 — Report on expansion of debt relief to non-HIPC countries

(a) In general: Within 90 days of May 27, 2003, the Secretary of the Treasury had to send Congress a report on: (1) the options and costs of expanding Enhanced HIPC Initiative debt relief to include poor countries that weren't currently eligible for it; (2) how the costs of that expansion could be shared among donor countries and multilateral institutions; and (3) other ways, besides debt relief, to keep poor countries' debt manageable — especially countries that suffered an external economic shock or a natural disaster.

(b) Specific options to be considered: Among the options for expanding debt relief, the report should consider making eligible any poor country whose public and publicly guaranteed debt requires annual payments of more than 10 percent of its annual government revenue from its own internal resources — or, for a country facing a public health crisis (as defined in section 262p–8(e)), not more than 5 percent of those revenues.

(c) Enhanced HIPC Initiative defined: In this section, this term means the multilateral debt-relief plan for heavily indebted poor countries described in the Report of G–7 Finance Ministers on the Cologne Debt Initiative, presented at the Cologne Economic Summit in June 1999.