Title 22, Foreign Relations and IntercourseRelease 119-110

§284y Multilateral Debt Relief

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

Last updated Sep 22, 2026|Official source

Summary

The Treasury may give up to $474,000,000 to the International Development Association to pay for debt relief costs that arise during IDA’s sixteenth replenishment. This can only happen if Congress provides the money. It will not change any funding arrangements that existed on December 23, 2011, and Congress may appropriate the funds without a fiscal year limit. The Multilateral Debt Relief Initiative is the plan described in the G8 Finance Ministers’ “Conclusions on Development” (London, June 11, 2005) and reaffirmed by G8 leaders at Gleneagles on July 8, 2005.

Full Legal Text

Title 22, §284y

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)Authorization of contribution

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)Appropriations

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)Multilateral Debt Relief Initiative

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

Sep 22, 2026

Release point: 119-110