Ukraine Comprehensive Debt Payment Relief Act of 2022
Floor Speech
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Mr. GARCIA of Illinois. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 7081) to seek immediate bilateral, multilateral, and commercial debt service payment relief for Ukraine, as amended.
The Clerk read the title of the bill.
The text of the bill is as follows: H.R. 7081
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.
This Act may be cited as the ``Ukraine Comprehensive Debt Payment Relief Act of 2022''. SEC. 2. SUSPENSION OF MULTILATERAL DEBT PAYMENTS OF UKRAINE.
(a) United States Position in the International Financial Institutions.--The Secretary of the Treasury shall instruct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2) of the International Financial Institutions Act) to use the voice, vote, and influence of the United States to advocate that the respective institution immediately suspend all debt service payments owed to the institution by Ukraine.
(b) Official Bilateral and Commercial Debt Service Payment Relief.--The Secretary of the Treasury, working in coordination with the Secretary of State, shall commence immediate efforts with other governments and commercial creditor groups, through the Paris Club of Official Creditors and other bilateral and multilateral frameworks, both formal and informal, to pursue comprehensive debt payment relief for Ukraine.
(c) Multilateral Financial Support for Ukraine.--The Secretary of the Treasury shall direct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2) of the International Financial Institutions Act) to use the voice and vote of the United States to support, to the maximum extent practicable, the provision of concessional financial assistance for Ukraine.
(d) Multilateral Financial Support for Refugees.--The Secretary of the Treasury shall direct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2) of the International Financial Institutions Act) to use the voice and vote of the United States to seek to provide economic support for refugees from Ukraine, including refugees of African descent, and for countries receiving refugees from Ukraine. SEC. 3. REPORT TO THE CONGRESS.
Not later than December 31 of each year, the President shall--
(1) submit to the Committees on Financial Services, on Appropriations, and on Foreign Affairs of the House of Representatives and the Committees on Foreign Relations and on Appropriations of the Senate, a report on the activities undertaken under this Act; and
(2) make public a copy of the report. SEC. 4. WAIVER AND TERMINATION.
(a) Waiver.--The President may waive the provisions of this Act if the President determines that a waiver is in the national interest of the United States and reports to the Congress an explanation of the reasons therefor.
(b) Termination.--The preceding provisions of this Act shall have no force or effect on or after the date that is 7 years after the date of the enactment of this Act.
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Mr. GARCIA of Illinois. Madam Speaker, I yield myself such time as I may consume.
Madam Speaker, I rise in strong support of H.R. 7081, the Ukraine Comprehensive Debt Payment Relief Act which I introduced earlier this year. Ukraine needs significant financial resources to sustain its defense against Putin's brutal invasion, so my bill would provide Ukraine with urgently needed relief from crushing debt payments to international financial institutions like the International Monetary Fund, or IMF, and the World Bank.
Let me provide some context. This year alone Ukraine owes $4.6 billion--more than $20 billion in total--to international institutions. And even as it is under siege from the invading Russian Army, Ukraine still owes payments on that debt. For example, the IMF imposes additional surcharges on countries that already have high levels of debt or are behind on their payments.
Ukraine is one of those countries. So while it fights a war against Russia, Ukraine also owes an estimated $14 million in surcharges to the IMF each month--money that Ukraine desperately needs to defend itself and to provide vital services to its citizens, and, once the war is over, to focus on reconstruction. These surcharges, along with loans and debt payments, will hold Ukraine back not only during this war but for years to come.
Now is not the time for development institutions to come collecting debts, and that is exactly why I introduced the Ukraine Comprehensive Debt Payment Relief Act. My bill would direct U.S. representatives at these institutions to support the immediate suspension of Ukraine's debt payments, direct our government to coordinate comprehensive debt relief for Ukraine from government and commercial creditors, and direct U.S. Representatives to support additional financial assistance for Ukraine on generous terms.
I would also like to note key language that was put forth by Representative Beatty which was included in the bill. The language makes clear that the financial assistance called for in the bill should include economic support for refugees from Ukraine for countries receiving refugees. It specifically includes support for refugees of African descent. African refugees from Ukraine have been experiencing discrimination in the current crisis. According to press reports, there have been incidences where African refugees from Ukraine have been stuck at the border, unable to cross safely while suffering through the cold without food or shelter. By adopting this bill, we will send a strong statement of support to these refugees.
I thank Chair Waters, Ranking Member McHenry, and all those on the Financial Services Committee who helped get this bill to the House floor in a timely manner.
Madam Speaker, I urge support for H.R.
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Mr. GARCIA of Illinois. Madam Speaker, I yield 1 minute to the gentlewoman from Ohio (Mrs. Beatty).
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Mr. GARCIA of Illinois. Madam Speaker, I yield myself such time as I may consume.
The debt service payment relief for Ukraine called for in H.R. 7081 would be a quick and efficient way to provide financial support for a country that we all want to do everything we can to help. I urge my colleagues to support this legislation, and I yield back the balance of my time.
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