Sec. 3405. Debt relief for countries eligible for assistance from the International Development Association
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It is the policy of the United States to coordinate with the international community to provide debt relief for debt that is held by countries eligible for assistance from the International Development Association that request forbearance to respond to the COVID–19 pandemic. The Secretary of the Treasury, in consultation with the Secretary of State, shall engage with international financial institutions and other bilateral official creditors to advance policy discussions on restructuring, rescheduling, or canceling the sovereign debt of countries eligible for assistance from the International Development Association, as necessary, to respond to the COVID–19 pandemic.
Not later than 45 days after the date of the enactment of this Act, and every 90 days thereafter until the end of the COVID–19 pandemic, as determined by the World Health Organization, or until two years after the date of the enactment of this Act, whichever is earlier, the Secretary of the Treasury, in coordination with the Secretary of State, shall submit to the committees specified in subsection
(d)a report that describes— actions that have been taken to advance debt relief for countries eligible for assistance from the International Development Association that request forbearance to respond to the COVID–19 pandemic in coordination with international financial institutions, the Group of 7 (G7), the Group of 20 (G20), Paris Club members, and the Institute of International Finance; mechanisms that have been utilized and mechanisms that are under consideration to provide the debt relief described in paragraph (1); any United States policy concerns regarding debt relief to specific countries; the balance and status of repayments on all loans from the People’s Republic of China to countries eligible for assistance from the International Development Association, including— loans provided as part of the Belt and Road Initiative of the People’s Republic of China; loans made by the Export-Import Bank of China; loans made by the China Development Bank; and loans made by the Asian Infrastructure Investment Bank; and the transparency measures established or proposed to ensure that funds saved through the debt relief described in paragraph
(1)will be used for activities— that respond to the health, economic, and social consequences of the COVID–19 pandemic; and that are consistent with the interests and values of the United States. The committees specified in this subsection are— the Committee on Foreign Relations, the Committee on Appropriations, and the Committee on Banking, Housing, and Urban Affairs of the Senate; and the Committee on Foreign Affairs, the Committee on Appropriations, and the Committee on Financial Services of the House of Representatives.