
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 22USC5322]

 
               TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
 
               CHAPTER 62--INTERNATIONAL FINANCIAL POLICY
 
                    SUBCHAPTER II--INTERNATIONAL DEBT
 
           Part A--Findings, Purposes, and Statement of Policy
 
Sec. 5322. Findings

    The Congress finds that--
        (1) the international debt problem threatens the safety and 
    soundness of the international financial system, the stability of 
    the international trading system, and the economic development of 
    the debtor countries;
        (2) orderly reduction of international trade imbalances requires 
    very substantial growth in all parts of the world economy, 
    particularly in the developing countries;
        (3) growth in developing countries with substantial external 
    debts has been significantly constrained over the last several years 
    by a combination of high debt service obligations and insufficient 
    new flows of financial resources to these countries;
        (4) substantial interest payment outflows from debtor countries, 
    combined with inadequate net new capital inflows, have produced a 
    significant net transfer of financial resources from debtor to 
    creditor countries;
        (5) negative resource transfers at present levels severely 
    depress both investment and growth in the debtor countries, and 
    force debtor countries to reduce imports and expand exports in order 
    to meet their debt service obligations;
        (6) current adjustment policies in debtor countries, which 
    depress domestic demand and increase production for export, help to 
    depress world commodity prices and limit the growth of export 
    markets for United States industries;
        (7) the United States has borne a disproportionate share of the 
    burden of absorbing increased exports from debtor countries, while 
    other industrialized countries have increased their imports from 
    developing countries only slightly;
        (8) current approaches to the debt problem should not rely 
    solely on new lending as a solution to the debt problem, and should 
    focus on other financing alternatives including a reduction in 
    current debt service obligations;
        (9) new international mechanisms to improve the management of 
    the debt problem and to expand the range of financing options 
    available to developing countries should be explored; and
        (10) industrial countries with strong current account surpluses 
    have a disproportionate share of the world's capital resources, and 
    bear an additional responsibility for contributing to a viable long-
    term solution to the debt problem.

(Pub. L. 100-418, title III, Sec. 3102, Aug. 23, 1988, 102 Stat. 1375.)
