[Congressional Record Volume 149, Number 95 (Wednesday, June 25, 2003)]
[House]
[Page H5820]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       IN SUPPORT OF DEBT RELIEF

  (Mrs. MALONEY asked and was given permission to address the House for 
1 minute.)
  Mrs. MALONEY. Mr. Speaker, I rise to urge my colleagues to support 
legislation I have introduced with the gentleman from Iowa (Mr. Leach), 
H.R. 2482, the Iraqi Freedom from Debt Act. This bill will require the 
United States to negotiate in the International Monetary Fund and World 
Bank for these institutions to relieve the debt owed them by Iraq. This 
legislation also includes a sense of Congress that France and Russia 
and all other creditors should relieve the debts owed by Iraq.
  While estimates of Iraq's debt range from one hundred billion to 
several hundred billion, the combined debt owed the IMF and World Bank 
is just $150 million. These institutions have the resources to relieve 
this debt, setting an important precedent for the rest of the world.
  The case for debt relief in Iraq is especially compelling, given the 
fact that much of the debt can be characterized as odious. Odious debt 
is recognized as debt that is taken on by a country for the personal 
benefit of corrupt leaders or for the oppression of a people.
  By taking the lead on debt relief, the U.S. has an opportunity to 
boost the Iraqi economy and to prove to the world that a major reason 
for U.S. action in Iraq was to benefit the Iraqi people.
  I urge my colleagues to support this legislation.

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