Multilateral Debt Relief Act of 2005 - Authorizes: (1) the Secretary of the Treasury to instruct the U.S. executive director of each international financial institution (the World Bank, the International Monetary Fund, the Inter-American Development Bank, the African Development Bank, and the African Development Fund) to reach an agreement among the shareholders to permanently cancel 100 percent of the debts owed to each such institution by an eligible country (as defined by this Act); and (2) appropriations for the U.S. contribution to such agreement if other members of the international financial institutions contribute funds for such purpose.
Expresses the sense of Congress that the Secretary should pursue additional bilateral and multilateral debt relief for each country eligible for International Development Association grants.
Amends the International Development Association Act to authorize, and authorize appropriations for, the U.S. Governor of the Association to contribute necessary sums to the fourteenth replenishment of the Association.
Amends the African Development Fund Act to authorize, and authorize appropriations for, The U.S. Governor of the Fund to contribute necessary sums to the tenth replenishment of the Fund.
Authorizes appropriations to fulfill U.S. commitments to the Enhanced HIPC Initiative (as defined by this Act).