[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 1076 Introduced in Senate (IS)]

103d CONGRESS
  1st Session
                                S. 1076

   To provide for the implementation of special debt relief for the 
 poorest, most heavily-indebted countries, in the multilateral context 
               of the Paris Club, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              June 7, 1993

  Mr. Pell (by request) introduced the following bill; which was read 
        twice and referred to the Committee on Foreign Relations

_______________________________________________________________________

                                 A BILL


 
   To provide for the implementation of special debt relief for the 
 poorest, most heavily-indebted countries, in the multilateral context 
               of the Paris Club, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Special Debt Relief for the Poorest 
Act of 1993''.

SEC. 2. PURPOSE.

    To facilitate the reduction of the nonconcessional debt owed to the 
United States by the poorest, most heavily-indebted countries, in the 
multilateral context of the Paris Club, and to promote economic reform 
and stability that will lead to improvement in the lives of the people 
of these countries.

SEC. 3. REDUCTION OF CERTAIN DEBT.

    (a) Authority To Reduce Debt.--
            (1) Authority.--Notwithstanding any other provision of law, 
        the President may reduce amounts of principal and interest owed 
        to the United States, or any agency of the United States, by 
        any eligible country as a result of--
                    (A) housing guarantees made pursuant to title III 
                of chapter 2, part I of the Foreign Assistance Act of 
                1961; or
                    (B) loans or guarantees made pursuant to the Arms 
                Export Control Act; or
                    (C) loans or guarantees made pursuant to the 
                Export-Import Bank Act of 1945.
            (2) Appropriations requirement.--The authority provided by 
        this section may be exercised only in such amounts or to such 
        extent as is provided in advance by appropriations Acts.
            (3) Certain prohibitions inapplicable.--A reduction of debt 
        pursuant to this section shall not be considered assistance for 
        purposes of any provision of law limiting assistance to a 
        country.
    (b) Implementation of Debt Reduction.--The authority provided by 
this section may be exercised only to implement multilateral official 
debt relief ad referendum agreements commonly referred to as ``Paris 
Club Agreed Minutes''.
    (c) Eligibility for Debt Reduction.--
            (1) Eligible Countries.--The authority provided by this 
        section may be exercised only with respect to countries with 
        heavy debt burdens that are eligible to borrow from the 
        International Development Association, but not from the 
        International Bank for Reconstruction and Development, commonly 
        referred to as ``IDA-only'' countries.
            (2) Eligibility determinations.--Consistent with subsection 
        (c)(1), the President shall determine whether a country is 
        eligible to receive benefits under this section.

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