[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 888 Introduced in House (IH)]








109th CONGRESS
  2d Session
H. RES. 888

 Urging multilateral financial institutions to cancel Haiti's debts to 
 such institutions under the Enhanced Heavily Indebted Poor Countries 
Initiative and the Multilateral Debt Relief Initiative immediately, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 22, 2006

 Ms. Waters (for herself, Mr. Frank of Massachusetts, Mr. Foley, Mrs. 
 Maloney, Mr. Leach, Mr. Delahunt, Mr. Bachus, Ms. Lee, Mr. Payne, Mr. 
Engel, Mr. Conyers, and Mr. Rangel) submitted the following resolution; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                               RESOLUTION


 
 Urging multilateral financial institutions to cancel Haiti's debts to 
 such institutions under the Enhanced Heavily Indebted Poor Countries 
Initiative and the Multilateral Debt Relief Initiative immediately, and 
                          for other purposes.

Whereas the Enhanced Heavily Indebted Poor Countries Initiative was established 
        by the International Monetary Fund (IMF) and the International Bank for 
        Reconstruction and Development (World Bank), in 1999, to reduce the 
        excessive debt burdens of the world's poorest countries, including debts 
        owed to the IMF, the World Bank, and the Inter-American Development 
        Bank;
Whereas the Multilateral Debt Relief Initiative was negotiated by the leaders of 
        the G-8 countries at the G-8 Summit in Gleneagles, Scotland, in 2005, in 
        order to provide eligible poor countries complete cancellation of debts 
        owed to the IMF and the World Bank;
Whereas Haiti is the poorest country in the Western Hemisphere;
Whereas violence and natural disasters have caused tremendous suffering and loss 
        of life in Haiti;
Whereas the IMF estimates that Haiti owes $1,071,700,000 to multilateral 
        financial institutions, including $9,100,000 to the IMF, $566,700,000 to 
        the World Bank, and $470,900,000 to the Inter-American Development Bank;
Whereas much of Haiti's debt burden was accumulated during the oppressive rule 
        of the Duvalier regimes, which did not use the money for the benefit of 
        the Haitian people;
Whereas the IMF estimated that Haiti would spend $46,200,000 on debt service 
        payments to multilateral creditors during the 2005 fiscal year, 
        including $4,800,000 to the IMF, $16,800,000 to the World Bank, and 
        $21,600,000 to the Inter-American Development Bank;
Whereas the debt service payments that the government of Haiti makes to 
        multilateral creditors take money away from critical infrastructure 
        development projects and essential government services, including health 
        care and education;
Whereas Haiti has never benefitted from participation in the Enhanced Heavily 
        Indebted Poor Countries Initiative or the Multilateral Debt Relief 
        Initiative;
Whereas the World Bank has predicted that Haiti may not receive complete debt 
        cancellation from the IMF and the World Bank under the Multilateral Debt 
        Relief Initiative until 2009;
Whereas the impoverished people of Haiti cannot wait until 2009 to experience 
        the benefits of complete debt cancellation;
Whereas, on May 14, 2006, Rene Garcia Preval was sworn in as the President of 
        Haiti following democratic elections in which 2,200,000 Haitians--more 
        than 60 percent of registered voters--participated; and
Whereas the cancellation of Haiti's debts will enable the newly-elected 
        government of Haiti to improve health care, education, and other 
        essential government services, invest in critical infrastructure, and 
        improve the lives of the Haitian people: Now, therefore, be it
    Resolved,  That the House of Representatives urges--
            (1) the International Monetary Fund, the International Bank 
        for Reconstruction and Development (World Bank), the Inter-
        American Development Bank, and other multilateral financial 
        institutions to cancel completely Haiti's debts to such 
        institutions under the Enhanced Heavily Indebted Poor Countries 
        Initiative and the Multilateral Debt Relief Initiative 
        immediately; and
            (2) the Secretary of the Treasury to instruct the United 
        States Executive Directors at such institutions to use the 
        voice, vote, and influence of the United States to accomplish 
        this goal.
                                 <all>