22 USC 283z-12 - Authority to vote for and contribute to an increase in resources of the Fund for Special Operations; providing debt relief to Haiti

U.S Code last checked for updates: Nov 22, 2024

§ 283z–12.

Authority to vote for and contribute to an increase in resources of the Fund for Special Operations; providing debt relief to Haiti

(a)

Vote authorized

In accordance with section 283c of this title, the United States Governor of the Bank is authorized to vote in favor of a resolution to increase the resources of the Fund for Special Operations up to $479,000,000, in furtherance of providing debt relief for Haiti in view of the Cancun Declaration of March 21, 2010, which provides that:

(1)

Haiti’s debts to the Fund for Special Operations are to be cancelled;

(2)

Haiti’s remaining local currency conversion obligations to the Fund for Special Operations are to be cancelled;

(3)

undisbursed balances of existing loans of the Fund for Special Operations to Haiti are to be converted to grants; and

(4)

the Fund for Special Operations is to make available significant and immediate grant financing to Haiti as well as appropriate resources to other countries remaining as borrowers within the Fund for Special Operations, consistent with paragraph 6 of the Cancun Declaration of March 21, 2010.

(b)

Contribution authority

To the extent and in the amount provided in advance in appropriations Acts the United States Governor of the Bank may, on behalf of the United States and in accordance with section 283c of this title, contribute up to $252,000,000 to the Fund for Special Operations, which will provide for debt relief of:

(1)

up to $240,000,000 to the Fund for Special Operations;

(2)

up to $8,000,000 to the International Fund For Agricultural Development (IFAD); and

(3)

up to $4,000,000 for the International Development Association (IDA).

(c)

Authorization of appropriations

(Pub. L. 86–147, § 40, as added Pub. L. 111–212, title I, § 1009, July 29, 2010, 124 Stat. 2330.)

cite as: 22 USC 283z-12