[Congressional Record Volume 168, Number 78 (Tuesday, May 10, 2022)]
[House]
[Pages H4750-H4752]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         UKRAINE COMPREHENSIVE DEBT PAYMENT RELIEF ACT OF 2022

  Mr. GARCIA of Illinois. Madam Speaker, I move to suspend the rules 
and pass the bill (H.R. 7081) to seek immediate bilateral, 
multilateral, and commercial debt service payment relief for Ukraine, 
as amended.
  The Clerk read the title of the bill.
  The text of the bill is as follows:

                               H.R. 7081

       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 ``Ukraine Comprehensive Debt 
     Payment Relief Act of 2022''.

     SEC. 2. SUSPENSION OF MULTILATERAL DEBT PAYMENTS OF UKRAINE.

       (a) United States Position in the International Financial 
     Institutions.--The Secretary of the Treasury shall instruct 
     the United States Executive Director at each international 
     financial institution (as defined in section 1701(c)(2) of 
     the International Financial Institutions Act) to use the 
     voice, vote, and influence of the United States to advocate 
     that the respective institution immediately suspend all debt 
     service payments owed to the institution by Ukraine.
       (b) Official Bilateral and Commercial Debt Service Payment 
     Relief.--The Secretary of the Treasury, working in 
     coordination with the Secretary of State, shall commence 
     immediate efforts with other governments and commercial 
     creditor groups, through the Paris Club of Official Creditors 
     and other bilateral and multilateral frameworks, both formal 
     and informal, to pursue comprehensive debt payment relief for 
     Ukraine.
       (c) Multilateral Financial Support for Ukraine.--The 
     Secretary of the Treasury shall direct the United States 
     Executive Director at each international financial 
     institution (as defined in section 1701(c)(2) of the 
     International Financial Institutions Act) to use the voice 
     and vote of the United States to support, to the maximum 
     extent practicable, the provision of concessional financial 
     assistance for Ukraine.
       (d) Multilateral Financial Support for Refugees.--The 
     Secretary of the Treasury shall direct the United States 
     Executive Director at each international financial 
     institution (as defined in section 1701(c)(2) of the 
     International Financial Institutions Act) to use the voice 
     and vote of the United States to seek to provide economic 
     support for refugees from Ukraine, including refugees of 
     African descent, and for countries receiving refugees from 
     Ukraine.

     SEC. 3. REPORT TO THE CONGRESS.

       Not later than December 31 of each year, the President 
     shall--
       (1) submit to the Committees on Financial Services, on 
     Appropriations, and on Foreign

[[Page H4751]]

     Affairs of the House of Representatives and the Committees on 
     Foreign Relations and on Appropriations of the Senate, a 
     report on the activities undertaken under this Act; and
       (2) make public a copy of the report.

     SEC. 4. WAIVER AND TERMINATION.

       (a) Waiver.--The President may waive the provisions of this 
     Act if the President determines that a waiver is in the 
     national interest of the United States and reports to the 
     Congress an explanation of the reasons therefor.
       (b) Termination.--The preceding provisions of this Act 
     shall have no force or effect on or after the date that is 7 
     years after the date of the enactment of this Act.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
Illinois (Mr. Garcia) and the gentleman from Arkansas (Mr. Hill) each 
will control 20 minutes.
  The Chair recognizes the gentleman from Illinois.


                             General Leave

  Mr. GARCIA of Illinois. Madam Speaker, I ask unanimous consent that 
all Members have 5 legislative days to revise and extend their remarks 
and to insert extraneous material thereon.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Illinois?
  There was no objection.
  Mr. GARCIA of Illinois. Madam Speaker, I yield myself such time as I 
may consume.
  Madam Speaker, I rise in strong support of H.R. 7081, the Ukraine 
Comprehensive Debt Payment Relief Act which I introduced earlier this 
year. Ukraine needs significant financial resources to sustain its 
defense against Putin's brutal invasion, so my bill would provide 
Ukraine with urgently needed relief from crushing debt payments to 
international financial institutions like the International Monetary 
Fund, or IMF, and the World Bank.
  Let me provide some context. This year alone Ukraine owes $4.6 
billion--more than $20 billion in total--to international institutions. 
And even as it is under siege from the invading Russian Army, Ukraine 
still owes payments on that debt. For example, the IMF imposes 
additional surcharges on countries that already have high levels of 
debt or are behind on their payments.
  Ukraine is one of those countries. So while it fights a war against 
Russia, Ukraine also owes an estimated $14 million in surcharges to the 
IMF each month--money that Ukraine desperately needs to defend itself 
and to provide vital services to its citizens, and, once the war is 
over, to focus on reconstruction. These surcharges, along with loans 
and debt payments, will hold Ukraine back not only during this war but 
for years to come.
  Now is not the time for development institutions to come collecting 
debts, and that is exactly why I introduced the Ukraine Comprehensive 
Debt Payment Relief Act. My bill would direct U.S. representatives at 
these institutions to support the immediate suspension of Ukraine's 
debt payments, direct our government to coordinate comprehensive debt 
relief for Ukraine from government and commercial creditors, and direct 
U.S. Representatives to support additional financial assistance for 
Ukraine on generous terms.
  I would also like to note key language that was put forth by 
Representative Beatty which was included in the bill. The language 
makes clear that the financial assistance called for in the bill should 
include economic support for refugees from Ukraine for countries 
receiving refugees. It specifically includes support for refugees of 
African descent. African refugees from Ukraine have been experiencing 
discrimination in the current crisis. According to press reports, there 
have been incidences where African refugees from Ukraine have been 
stuck at the border, unable to cross safely while suffering through the 
cold without food or shelter. By adopting this bill, we will send a 
strong statement of support to these refugees.
  I thank Chair Waters, Ranking Member McHenry, and all those on the 
Financial Services Committee who helped get this bill to the House 
floor in a timely manner.
  Madam Speaker, I urge support for H.R. 7081, a simple but urgent 
measure to let Ukraine focus its limited resources on defense, aid, and 
reconstruction, and I reserve the balance of my time.

                              {time}  1630

  Mr. HILL. Madam Speaker, I yield myself such time as I may consume.
  Madam Speaker, I rise in support of H.R. 7081, the Ukraine 
Comprehensive Debt Payment Relief Act.
  Last month, Ukraine's President Zelenskyy gave a speech about 
rebuilding a free, sovereign, and democratic future for his sovereign 
nation of Ukraine. While it seems distant now, with Putin's war raging, 
we, in fact, must start to think about the country's eventual 
rebuilding, recovery, and rebirth.
  The United States and our allies must support Ukraine to ensure that 
its debt repayments don't overwhelm the country while it continues to 
confront Russia's invasion and keeps up the fight every day, not only 
on the war front but on the home front in trying to keep its domestic 
operations functioning.
  In fact, Madam Speaker, Ukraine is spending roughly some $5 billion a 
day in its core functions for government. So while Putin is pulverizing 
villages, plazas, parks, and ports, the Ukrainian Government presses 
on, serving its citizens.
  But when this war is over, Ukraine will face an enormous financing 
need that will require international financial institutions to step in 
with support.
  I am pleased to support this legislation, which calls for a 
suspension of Ukraine's debt service payments and urges debt relief 
from multilateral and bilateral creditors.
  When you think of the hundreds of billions and certainly possibly 
trillions of dollars of long-term reconstruction that faces Ukraine, 
you have to recognize the need now for conserving cash flow and 
conserving its resources.
  That rebuilding is going to take immense good government; investment 
in the country's municipal, health, and education infrastructure; 
energy resilience; and energy independence. That will be a special 
opportunity to strengthen democracy and the rule of law in Europe.
  Prior to the war, Ukraine's economy had stagnated for too long. 
Therefore, international financial institutions should assess how best 
to foster Ukrainian industries that can expand exports, earn hard 
currency, and move forward.
  This bill is an important step in our bilateral and multilateral 
efforts to help Ukraine mush on, get through this war, maintain its 
services to its citizens, and fight Putin to the end with his leaving 
the country.
  This legislation was reported out of our committee unanimously, and I 
look forward to its passage today.
  Madam Speaker, I reserve the balance of my time.
  Mr. GARCIA of Illinois. Madam Speaker, I yield 1 minute to the 
gentlewoman from Ohio (Mrs. Beatty).
  Mrs. BEATTY. Madam Speaker, I thank the gentleman for yielding.
  I rise in support of H.R. 7081 as one of the many actions this 
Congress has taken to support Ukraine in its fight against Putin's 
atrocities.
  Since the invasions, the U.N. estimates that nearly 6 million 
refugees have fled Ukraine to neighboring countries, the largest 
refugee crisis since the 1990s.
  That is why I authored the provision in this bill to use the United 
States' position on international financial institutions--the World 
Bank, IMF, et cetera--to encourage economic support for refugees.
  The provision specifically makes it clear that this economic support 
should include refugees of African descent who have been experiencing 
difficulties and discrimination as they flee danger.
  I express my thanks to Chairwoman Waters and Ranking Member McHenry 
for working with me and especially to the bill's sponsor, Congressman 
Garcia. I urge my colleagues to support this excellent bill.
  Mr. HILL. Madam Speaker, I reiterate my thanks to my friend from 
Illinois for his work on this bill as one key component of helping 
Ukraine have the financial wherewithal, the financial resources, to 
fight back against Putin's illegal invasion.
  I remind my colleagues that this debt suspension has a 7-year sunset 
in the bill, that this is in no way a panacea, but it is an absolutely 
critical element in the cash flow conservation for the Ukrainians as 
they attempt to deliver the important services that they have

[[Page H4752]]

to in their country of over 40 million people while a war wages on 
their domestic and sovereign ground.
  Madam Speaker, let me urge a ``yes'' vote on this bill. I thank the 
gentleman from Illinois, and I yield back the balance of my time.
  Mr. GARCIA of Illinois. Madam Speaker, I yield myself such time as I 
may consume.
  The debt service payment relief for Ukraine called for in H.R. 7081 
would be a quick and efficient way to provide financial support for a 
country that we all want to do everything we can to help. I urge my 
colleagues to support this legislation, and I yield back the balance of 
my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentleman from Illinois (Mr. Garcia) that the House suspend the rules 
and pass the bill, H.R. 7081, as amended.
  The question was taken.
  The SPEAKER pro tempore. In the opinion of the Chair, two-thirds 
being in the affirmative, the ayes have it.
  Mr. ROY. Madam Speaker, on that I demand the yeas and nays.
  The SPEAKER pro tempore. Pursuant to section 3(s) of House Resolution 
8, the yeas and nays are ordered.
  Pursuant to clause 8 of rule XX, further proceedings on this motion 
are postponed.

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