[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 241 Introduced in House (IH)]







110th CONGRESS
  1st Session
H. RES. 241

  Urging multilateral financial institutions to cancel completely and 
immediately Haiti's debts to such institutions, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 13, 2007

Ms. Waters (for herself, Mr. Bachus, Mr. Delahunt, Ms. Lee, Mr. Payne, 
Mr. Conyers, Mr. Gutierrez, and Mrs. Maloney of New York) submitted the 
following resolution; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                               RESOLUTION


 
  Urging multilateral financial institutions to cancel completely and 
immediately Haiti's debts to such institutions, 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 $1,097,800,000 to multilateral 
        financial institutions, including $21,400,000 to the IMF, $507,100,000 
        to the World Bank, and $533,900,000 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 $56,200,000 on debt service 
        payments to multilateral creditors during the 2006-2007 fiscal year, 
        including $17,000,000 to the IMF, $11,600,000 to the World Bank, and 
        $25,700,000 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 participated in the Enhanced Heavily Indebted Poor Countries 
        Initiative since November 22, 2006, but has not been able to participate 
        in the Multilateral Debt Relief Initiative;
Whereas the IMF has predicted that Haiti may not receive complete debt 
        cancellation from the IMF and the World Bank under the Multilateral Debt 
        Relief Initiative until September of 2008;
Whereas the impoverished people of Haiti cannot wait until September of 2008 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 democratically-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 and immediately Haiti's debts 
        to such institutions; 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>