§262p–4d — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

The Secretary of the Treasury must tell the U.S. Executive Director at the African Development Bank and the African Development Fund to begin talks with their leaders. They must propose that those banks, together with the World Bank Group (the IBRD, IDA, and IFC), advise and help creditor countries and sub‑Saharan governments who want to use local currency from debt reduction or conversion to pay for programs. Congress found that heavy debt in sub‑Saharan countries makes it hard to fund charitable, educational, scientific, health, and natural resource projects, and that easing financing in the context of debt reduction (as encouraged by the June 1988 Toronto economic summit) — through lower interest rates, longer repayment, or partial/complete write‑offs — should be used to support those programs.

Title 22, §262p–4d

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)The Congress finds that—

(1)the heavy burden of debt borne by sub-Saharan governments undermines efforts by such governments to finance projects and programs designed to promote charitable, educational, and scientific purposes, including education, human welfare, health, agricultural research and development, and conservation, restoration and enhancement of the natural resource base; and

(2)the financing of programs to promote such charitable, educational, and scientific purposes should be facilitated in the context of reducing and converting sovereign debt of sub-Saharan governments, as encouraged in the final communique of the June 1988 economic summit conference in Toronto, Canada, through such means as—

(A)concessional interest rates;

(B)extended repayment periods; or

(C)partial or complete write-offs of debt service obligations.

(b)The Secretary of the Treasury shall instruct the United States Executive Director of the African Development Bank and the African Development Fund to initiate discussions with the directors of such institutions and propose that such institutions, jointly with the International Bank for Reconstruction and Development, the International Development Association, and the International Finance Corporation, as appropriate, provide advice and assistance to government creditors holding sovereign debt of any sub-Saharan government, and to sub-Saharan governments which desire to finance programs with local currencies obtained through debt reduction and conversion to promote charitable, educational, and scientific (including conservation and restoration of natural resources) purposes, as a condition of reducing or converting such sovereign debt.

Notes & Related Subsidiaries

Editorial Notes

Codification section 1609 of Pub. L. 95–118 is based on section 9 of H.R. 4645, One Hundredth Congress, as reported Sept. 28, 1988, and enacted into law by Pub. L. 100–461.

Statutory Notes and Related Subsidiaries

Definitions The definitions in section 262p–5 of this title apply to this section.

§262p–4d Initiation of discussions to facilitate financing of human welfare and natural resource programs in sub-Saharan Africa in connection with debt reduction and conversion

Summary

Title 22, §262p–4d

Notes & Related Subsidiaries

Editorial Notes

Statutory Notes and Related Subsidiaries

Citations & Metadata