Robust International Response to Pandemic Act

Robust International Response to Pandemic Act

This bill requires the Department of the Treasury and each U.S. Executive Director at an international financial institution to take certain actions in support of the global response to COVID-19 (i.e., coronavirus disease 2019).

Specifically, each U.S. Executive Director at an international financial institution (e.g., the International Bank for Reconstruction and Development or the International Finance Corporation) must

• seek the suspension of debt service payments to the institution and the relaxation of fiscal targets for certain programs,
• oppose programs or loan agreements that would reduce countries' health care spending or other spending related to their responses to COVID-19, and
• require approval of all Special Drawing Rights (a currency support tool) allocation transfers from wealthier member countries to countries that are emerging or developing to ensure the allocations are used for the public good and in response to the global pandemic.

Further, the U.S. Governor at the International Monetary Fund (IMF) must advocate for the issuance of Special Drawing Rights so that governments may access additional resources to finance their responses to COVID-19. Of these Special Drawing Rights allocated to the United States, Treasury must lend a specified amount to the Poverty Reduction and Growth Trust or other special purpose vehicle of the IMF to help eligible low-income countries respond to COVID-19.

Treasury must also advocate for an extension of the current moratorium on debt service payments to official bilateral creditors by the world's poorest countries.