Title 22 — Foreign Relations and IntercourseRelease 119-73not60

§284y Multilateral Debt Relief

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

Last updated Apr 5, 2026|Official source

Summary

The Treasury Secretary may give up to $474,000,000 for the International Development Association to cover debt relief costs under the Multilateral Debt Relief Initiative during the period of IDA’s sixteenth replenishment. Congress must approve the money, and the payment must not change any funding deals that existed on December 23, 2011. Congress may appropriate up to $474,000,000 with no fiscal year limit for this payment. Multilateral Debt Relief Initiative — the G8 proposal from the June 11, 2005 Finance Ministers’ Communiqué in London, reaffirmed July 8, 2005 at Gleneagles.

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 5, 2026

Release point: 119-73not60