Friscal years 2006 ement of me amounts appro 3 the aurierances under sec2 bistance or a suce iscal year shall be svented ur bsurance Tr hans and vunerable children af esed 1 PA of vet sich nun east 50 percent shall de sanded tanng: 100-crit ungovernmental organizations, inauding farth-nased vrganizators, at implement programs on the SEC. 404.28 ASSISTANCE FROM THE UNITED STATES PRIVATE SECTOR TO PREVENT AND REDUCE HIV/AIDS IN SUB-SAHARAN AFRICA. It is the sense of Congress that United States businesses should be encouraged to provide assistance to sub-Saharan African countries to prevent and reduce the incidence of HIV/AIDS in sub-Saharan Africa. In providing such assistance, United States businesses should be encouraged to consider the establishment of an HIV/ AIDS Response Fund in order to provide for coordination among such businesses in the collection and distribution of the assistance to sub-Saharan African countries. TITLE V-INTERNATIONAL FINANCIAL INSTITUTIONS SEC. 501. MODIFICATION OF THE ENHANCED HIPC INITIATIVE. Title XVI of the International Financial Institutions Act (22 U.S.C. 262p-262p-7) is amended by adding at the end the following new section:** *29 SEC. 502.30 REPORT ON EXPANSION OF DEBT RELIEF TO NON-HIPC COUNTRIES. (a) IN GENERAL.-Not later than 90 days after the date of enactment of this Act, the Secretary of the Treasury shall submit to Congress a report on (1) the options and costs associated with the expansion of debt relief provided by the Enhanced HIPC Initiative to include poor countries that were not eligible for inclusion in the Enhanced HIPC Initiative; (2) options for burden-sharing among donor countries and multilateral institutions of costs associated with the expansion. of debt relief; and (3) options, in addition to debt relief, to ensure debt sustainability in poor countries, particularly in cases when the poor country has suffered an external economic shock or a natural disaster. (b) SPECIFIC OPTIONS TO BE CONSIDERED.-Among the options for the expansion of debt relief provided by the Enhanced HIPC Initiative, consideration should be given to making eligible for that relief poor countries for which outstanding public and publicly guaranteed debt requires annual payments in excess of 10 percent or, in the case of a country suffering a public health crisis (as defined in section 1625(e) of the Financial Institutions Act, as added by section 501 of this Act), not more than 5 percent, of the amount of the annual current revenues received by the country from internal resources. (c) ENHANCED HIPC INITIATIVE DEFINED.-In this section, the term "Enhanced HIPC Initiative" means the multilateral debt initiative for heavily indebted poor countries presented in the Report of G-7 Finance Ministers on the Cologne Debt Initiative to the Cologne Economic Summit, Cologne, June 18-20, 1999. 28 22 U.S.C. 7674. 29 Sec. 501 added a new sec. 1625 to the International Financial Institutions Act (22 U.S.C. 262p-8). For text, see Legislation on Foreign Relations Through 2005, vol. III. 30 22 U.S.C. 7681. SEC. 503. AUTHORIZATION OF APPROPRIATIONS. (a) IN GENERAL-There are authorized to be appropriated to the President such sums as may be necessary for the fiscal year 2004 The of the Foreign Operations. Export Financing, and Related Programs Appropriaticos Act. 2006 Public Law 19-119 118 Stat. 2190 provided the foLoWIDE DEBT RESTRUCTURING "For the cost as defined in section 502 of the Congressional Budget Act of 1974. of modifying kans and can guarantees as the President may determine for which funds have been appro priated or otherwise made available for programs within the International Affairs Budget Finetion 150. Including the cost of selling, recacing or canceling amounts owed to the United States as a result of concessiona, sans made to eigible countries, pursuant to parts IV and V of the Foreign Assistance Act of 1961, of modifying concessional credit agreements with least developed countries, as authorized under section 411 of the Agricultural Trade Development and Assistance Act of 1954, as amended, of concessional loans, guarantees and credit agreements, as authonzed ander section 572 of the Foreign Operations. Export Financing, and Related Programs Appropriations Act, 1989 Public Law 100-461 and of canceling amounts owed, as a result of loans or guarantees made pursuant to the Export-Import Bank Act of 1945. by countries that are eligible for debt reduction pursuant to title V of HR. 3425 as enacted into law by section 1000 a 5, of Public Law 106-113. 365.000.000. to remain available until September 30, 2008 Provided. That not less than $20.000.000 of the funds appropriated under this heading shall be made available to carry out the provisions of part V of the Foreign Assistance Act of 1961: Provided further. That amounts paid to the HIPC Trust Fund may be used only to fund debt reduction under the enhanced HIPC initiative by 1 the Inter-American Development Bank: 2 the African Development Fund, 13 the African Development Bank; and *(4) the Central American Bank for Economic Integration: "Provided further, That funds may not be paid to the HIPC Trust Fund for the benefit of any country if the Secretary of State has credible evidence that the government of such country is engaged in a consistent pattern of gross violations of internationally recognized human rights or in military or civil conflict that undermines its ability to develop and implement measures to alleviate poverty and to devote adequate human and financial resources to that end: Provided further, That on the basis of final appropriations, the Secretary of the Treasury shall consult with the Committees on Appropriations concerning which countries and international financia. institutions are expected to benefit from a United States contribution to the HIPC Trust Fund during the fiscal year: Provided further, That the Secretary of the Treasury shall inform the Committees on Appropriations not less than 15 days in advance of the signature of an agree ment by the United States to make payments to the HIPC Trust Fund of amounts for such countries and institutions: Provided further, That the Secretary of the Treasury may disburse funds designated for debt reduction through the HIPC Trust Fund only for the benefit of countries that “(1) have committed, for a period of 24 months, not to accept new market-rate loans from the international financial institution receiving debt repayment as a result of such disbursement, other than loans made by such institutions to export-oriented commercial projects that generate foreign exchange which are generally referred to as ‘enclave' loans; and "(2) have documented and demonstrated their commitment to redirect their budgetary resources from international debt repayments to programs to alleviate poverty and promote economic growth that are additional to or expand upon those previously available for such purposes: "Provided further, That any limitation of subsection (e) of section 411 of the Agricultural Trade Development and Assistance Act of 1954 shall not apply to funds appropriated under this heading: Provided further, That none of the funds made available under this heading in this or any other appropriations Act shall be made available for Sudan or Burma unless the Secretary of the Treasury determines and notifies the Committees on Appropriations that a democratically elected government has taken office.". Title III, ch. 8 of the Emergency Supplemental Appropriations Act To Address Hurricanes in the Gulf of Mexico and Pandemic Influenza, 2006 (division B of Public Law 109-148; 119 Stat. 2791), however, provided the following: "GOVERNMENT-WIDE RESCISSIONS "SEC. 3801. (a) ACROSS-THE-BOARD RESCISSIONS.-There is hereby rescinded an amount equal to 1 percent of "(1) the budget authority provided (or obligation limit imposed) for fiscal year 2006 for any discretionary account of this Act and in any other fiscal year 2006 appropriation Act; (2) the budget authority provided in any advance appropriation for fiscal year 2006 for any discretionary account in any prior fiscal year appropriation Act; and (3) the contract authority provided in fiscal year 2006 for any program subject to limitstion contained in any fiscal year 2006 appropriation Act. "(b) PROPORTIONATE APPLICATION.-Any rescission made by subsection (a) shall be applied proportionately "(1) to each discretionary account and each item of budget authority described in such subsection; and and each fiscal year thereafter to carry out section 1625 of the International Financial Institutions Act, as added by section 501 of this Act. (b) AVAILABILITY OF FUNDS.-Amounts appropriated pursuant to subsection (a) are authorized to remain available until expended. "(2) within each such account and item, to each program, project, and activity (with programs, projects, and activities as delineated in the appropriation Act or accompanying reports for the relevant fiscal year covering such account or item, or for accounts and items not included in appropriation Acts, as delineated in the most recently submitted President's budget). "(c) EXCEPTIONS.-This section shall not apply "(1) to discretionary budget authority that has been designated pursuant to section 402 of H. Con. Res. 95 (109th Congress), the concurrent resolution on the budget for fiscal year 2006; or "(2) to discretionary authority appropriated or otherwise made available to the Department of Veterans Affairs. "(d) OMB REPORT.-Within 30 days after the date of the enactment of this section the Director of the Office of Management and Budget shall submit to the Committees on Appropriations of the House of Representatives and the Senate a report specifying the account and amount of each rescission made pursuant to this section.". See also Legislation on Foreign Relations Through 2005, vol. I-B, for legislation on international debt relief. |