Official Summary

3/5/2010--Passed Senate amended. (This measure has not been amended since it was reported to the Senate on February 25, 2010. The summary of that version is repeated here.) Haiti Recovery Act - Urges the Secretary of the Treasury to direct the U.S. Executive Director to each international

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Official Summary

3/5/2010--Passed Senate amended. (This measure has not been amended since it was reported to the Senate on February 25, 2010. The summary of that version is repeated here.) Haiti Recovery Act - Urges the Secretary of the Treasury to direct the U.S. Executive Director to each international financial institution to advocate:
(1) the cancellation of all remaining debt obligations of Haiti, including obligations incurred before the date of enactment of this Act;
(2) the provision of debt service relief for all payments of Haiti remaining on the date of enactment of this Act; and
(3) that through February 1, 2012, new assistance to Haiti should be primarily grants. Expresses the sense of the Senate that international financial institutions should cancel any debt incurred by Haiti after the date of enactment of this Act and before February 1, 2012, so that Haiti can rebuild after the devastation of the January 2010 earthquake.Urges the Secretary to:
(1) instruct the U.S. Executive Director of the International Monetary Fund (IMF) to advocate the use of certain proceeds to provide debt stock relief, debt service relief, loan subsidies, and grants for Haiti;
(2) support the creation of a multilateral trust fund for Haiti that would leverage U.S. contributions and promote bilateral donations for investing in Haiti's future; and
(3) require the U.S. Executive Director of the Inter-American Development Bank to seek to increase earnings transfer to the Fund for Special Operations and to a trust fund or grant facility for Haiti. Urges the Secretary and the Secretary of State to use all appropriate diplomatic influence to secure cancellation of all remaining bilateral debt of Haiti.

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