A bill to amend the provisions of The International Financial Institutions Act to promote an increased role by the International Bank for Reconstruction and Development and the African Development Bank in advising on mechanisms to promote increased debt-for-development swaps for charitable, educational, and scientific activities, and for other purposes.

Summary

Amends the International Financial Institutions Act to require the Secretary of the Treasury to instruct the U.S. Executive Director of the International Bank for Reconstruction and Development (World Bank) to initiate discussions with directors of such Bank, the International Development Association, and the International Finance Corporation and to propose that such institutions provide advice and assistance to borrowing countries in order to facilitate debt-for-development swaps for human welfare and environmental conservation. Requires the Secretary to instruct the U.S. Executive Directors of the African Development Bank and the African Development Fund to initiate discussions and propose that such institutions provide advice and assistance to government creditors holding sovereign debt of any sub-Saharan government and to sub-Saharan governments which desire to finance programs with local currencies obtained through debt reduction and conversion to promote charitable, educational, and scientific purposes as a condition of reducing or converting such sovereign debt. Requires the Secretary to instruct the U.S. Executive Director of the World Bank to propose that the World Bank consider the extent to which borrowers have honored debt-for-development swap agreements as a factor in making loans to borrowing country governments.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 30 June 1988

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.