Title 22, Foreign Relations and IntercourseRelease 119-110

§7681 Report on Expansion of Debt Relief to Non-hipc Countries

Title 22 › CHAPTER 83 — UNITED STATES LEADERSHIP AGAINST HIV/AIDS, TUBERCULOSIS, AND MALARIA › SUBCHAPTER V — INTERNATIONAL FINANCIAL INSTITUTIONS › § 7681

Last updated Sep 22, 2026|Official source

Summary

The Treasury Secretary must send Congress a report within 90 days after May 27, 2003. The report must explain the choices and costs for expanding the Enhanced HIPC Initiative to poor countries that were not eligible before, how donor countries and multilateral institutions might share those costs, and other ways to keep poor countries’ debt manageable, especially after an external shock or natural disaster. One option to study is letting countries qualify when their public and publicly guaranteed debt needs annual payments over 10 percent of their annual current revenues from internal resources, or not more than 5 percent if the country is suffering a public health crisis (see section 262p–8(e)). Enhanced HIPC Initiative means the multilateral debt relief plan announced by G–7 at the Cologne summit, June 18–20, 1999.

Full Legal Text

Title 22, §7681

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)In general

Not later than 90 days after May 27, 2003, the Secretary of the Treasury shall submit to Congress a report on—

(1)the options and costs associated with the expansion of debt relief provided by the Enhanced HIPC Initiative to include poor countries that were not eligible for inclusion in the Enhanced HIPC Initiative;

(2)options for burden-sharing among donor countries and multilateral institutions of costs associated with the expansion of debt relief; and

(3)options, in addition to debt relief, to ensure debt sustainability in poor countries, particularly in cases when the poor country has suffered an external economic shock or a natural disaster.

(b)Specific options to be considered

Among the options for the expansion of debt relief provided by the Enhanced HIPC Initiative, consideration should be given to making eligible for that relief poor countries for which outstanding public and publicly guaranteed debt requires annual payments in excess of 10 percent or, in the case of a country suffering a public health crisis (as defined in section 262p–8(e) of this title), not more than 5 percent, of the amount of the annual current revenues received by the country from internal resources.

(c)Enhanced HIPC Initiative defined

In this section, the term “Enhanced HIPC Initiative” means the multilateral debt initiative for heavily indebted poor countries presented in the Report of G–7 Finance Ministers on the Cologne Debt Initiative to the Cologne Economic Summit, Cologne, June 18–20, 1999.

Reference

Citations & Metadata

Citation

22 U.S.C. § 7681

Title 22, Foreign Relations and Intercourse

Last Updated

Sep 22, 2026

Release point: 119-110