Title 22 — Foreign Relations and IntercourseRelease 119-73

§284y Multilateral debt relief

Title 22 › Chapter CHAPTER 7— - INTERNATIONAL BUREAUS, CONGRESSES, ETC. › Subchapter SUBCHAPTER XIII— - INTERNATIONAL DEVELOPMENT ASSOCIATION › § 284y

Last updated Apr 6, 2026|Official source

Summary

The Treasury Secretary may give up to $474,000,000 from the United States to the International Development Association. The money is for covering debt relief costs under the Multilateral Debt Relief Initiative during IDA’s sixteenth replenishment. The payment can only happen if Congress provides the funds and it does not change any funding deals already in place on December 23, 2011. Congress may appropriate up to $474,000,000 without a fiscal year limit to pay the Treasury. The Multilateral Debt Relief Initiative is the plan set out in the G8 Finance Ministers’ Communiqué “Conclusions on Development” from London on June 11, 2005, reaffirmed at the Gleneagles Summit on July 8, 2005.

Full Legal Text

Title 22, §284y

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)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.

(b)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.

(c)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.

Reference

Citations & Metadata

Citation

22 U.S.C. § 284y

Title 22 — Foreign Relations and Intercourse

Last Updated

Apr 6, 2026

Release point: 119-73