22 U.S.C. § 262p–12: Cancellation of Haiti’s…

Summary

The law tells the Treasury Secretary to instruct U.S. representatives at the IMF, the International Development Association, the Inter‑American Development Bank, the International Fund for Agricultural Development, and similar institutions to push for three things: complete cancellation of all debts Haiti owes those institutions; a halt to Haiti’s debt payments until the debts are fully canceled; and emergency, humanitarian, and rebuilding aid in the form of grants or non‑debt assistance to be provided before February 1, 2015. It also asks the Treasury to urge the IMF to use some windfall profits from the ongoing sale of 12,965,649 ounces of gold to give Haiti debt relief and grants before February 1, 2015. The Treasury and State Departments must use diplomatic influence to seek cancellation of any remaining bilateral, multilateral, and private creditor debt owed by Haiti.

Title 22, §262p–12

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(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.

Statutory Notes and Related Subsidiaries

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

§262p–12 Cancellation of Haiti’s Debts to International Financial Institutions

Summary

Title 22, §262p–12

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Citations & Metadata