H.R.1130 - JUBILEE Act of 2005

To provide for the cancellation of debts owed to international financial institutions by poor countries, and for other purposes. view all titles (3)

All Bill Titles

  • Short: JUBILEE Act of 2005 as introduced.
  • Short: Justice and Understanding By International Loan Elimination and Equity Act of 2005 as introduced.
  • Official: To provide for the cancellation of debts owed to international financial institutions by poor countries, and for other purposes. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
03/03/05
 
 
 
 
 
 
 

Official Summary

Justice and Understanding By International Loan Elimination and Equity Act of 2005 or JUBILEE Act of 2005 - Amends the International Financial Institutions Act to require the Secretary of the Treasury to commence immediate efforts, within the Paris Club of Official Creditors, the Internatio

Official Summary

Justice and Understanding By International Loan Elimination and Equity Act of 2005 or JUBILEE Act of 2005 - Amends the International Financial Institutions Act to require the Secretary of the Treasury to commence immediate efforts, within the Paris Club of Official Creditors, the International Monetary Fund (IMF), the International Bank for Reconstruction and Development (World Bank), and other international financial institutions (multilateral development institutions (MDI's)) to accomplish:
(1) the cancellation of all debts owed to each institution by specified eligible poor countries, and the financing of such debt cancellation from the institution's ongoing operations, procedures, and accounts;
(2) the limitation of any waiting period before receipt of debt cancellation to one month from the date of an eligible poor country's application for it; and
(3) encouragement of the government of each eligible poor country to allocate at least 20 percent of its national budget, including the savings from such debt cancellation, for the provision of basic health care services, education services, and clean water services to individuals in the country. Sets forth requirements for:
(1) establishment of a framework to ensure transparency regarding each international financial institution's activities; and
(2) availability on the Treasury Department's website of U.S. Executive Directors' remarks at meetings of international financial institutions' Boards of Directors. Requires the Secretary to commence immediate efforts, within the Paris Club, the IMF, and other appropriate MDI's, to ensure that the provision of debt cancellation to such countries is not conditioned on any agreement by such a country to implement or comply with specified policies that deepen poverty or degrade the environment.

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