[Congressional Record (Bound Edition), Volume 147 (2001), Part 10]
[Senate]
[Pages 13611-13612]
[From the U.S. Government Publishing Office, www.gpo.gov]



                        COST ESTIMATE ON S. 494

  Mr. BIDEN. Mr. President, on July 12, the Committee on Foreign 
Relations reported S. 494, the Zimbabwe Democracy and Economic Recovery 
Act of 2001. At the time the bill was reported, the cost estimate from 
the Congressional budget Office was not available.
  I ask unanimous consent that the CBO estimate be printed in the 
Record.
  There being no objection, the material was ordered to be printed in 
the Record, as follows:

        CONGRESSIONAL BUDGET OFFICE COST ESTIMATE, JULY 16, 2001

      S. 494: Zimbabwe Democracy and Economic Recovery Act of 2001

 [As ordered reported by the Senate Committee on Foreign Relations on 
                             July 12, 2001]


                                summary

       S. 494 would support a transition to democracy and promote 
     economic recovery in Zimbabwe through a set of incentives and 
     sanctions. The bill would require the United States to oppose 
     lending by international financial institution to or debt 
     relief for Zimbabwe until the President certifies to the 
     Congress that certain conditions are satisfied. It would, 
     however, authorize additional funds for programs to reform 
     landholding and to promote democracy and good governance in 
     Zimbabwe. Assuming the appropriation of the authorized 
     amounts, CBO estimates that implementing the bill would cost 
     $23 million over the 2002-2006 period. Because S. 494 would 
     not affect direct spending or receipts, pay-as-you-go 
     procedures would not apply.
       S. 494 contains no intergovernmental or private-sector 
     mandates as defined in the Unfunded Mandates Reform Act 
     (UMRA) and would not affect the budgets of state, local, or 
     tribal governments.


                estimated cost to the federal government

       The estimated budgetary impact of S. 494 is shown in the 
     following table. The costs of this legislation fall within 
     budget function 150 (international affairs).


                           basis of estimate

       S. 494 would earmark $20 million for land reform and $6 
     million for programs to promote democracy and good governance 
     in Zimbabwe from funds otherwise authorized to be 
     appropriated in 2002 for development assistance and economic 
     support fund. No funds are currently authorized for 2002. CBO 
     assumes that the specified amounts would be appropriated by 
     October 1, 2001, and that outlays would follow historical 
     spending patterns.

------------------------------------------------------------------------
                                By fiscal year, in millions of dollars--
                               -----------------------------------------
                                 2001   2002   2003   2004   2005   2006
------------------------------------------------------------------------
Spending Under Current Law for
 Zimbabwe:
    Budget Authority \1\......     16      0      0      0      0      0
    Estimated Outlays.........     22     19     10      5      3      2
Proposed Changes:
    Authorization Level.......      0     26      0      0      0      0
    Estimated Outlays.........      0      2      8      7      4      2
Spending Under S. 494 for
 Zimbabwe:
    Authorization Level \1\...     16     26      0      0      0      0
    Estimated Outlays.........     22     21     18     12      7      4
------------------------------------------------------------------------
\1\ The 2001 level is the amount appropriated for that year.

       Pay-As-You-Go Considerations: None.

[[Page 13612]]




              intergovernmental and private-sector impact

       S. 494 contains no intergovernmental or private-sector 
     mandates as defined in UMRA and would not affect the budgets 
     of state, local, or tribal governments.
       Estimate Prepared By: Federal Costs: Joseph C. Whitehill 
     (226-2840); Impact on State, Local, and Tribal Governments: 
     Elyse Goldman (225-3220); and Impact on the Private Sector: 
     Lauren Marks (226-2940).
       Estimate Approved By: Peter H. Fontaine, Deputy Assistant 
     Director for Budget Analysis.

                          ____________________