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| The '''Zimbabwe Democracy and Economic Recovery Act''' (S. 494) is an act passed by the ] ] to provide for a transition to democracy and to promote economic recovery in ]. | The '''Zimbabwe Democracy and Economic Recovery Act''' (S. 494) is an act passed by the ] ] to provide for a transition to democracy and to promote economic recovery in ]. | ||
| Senators ] (R-]) and ] (D-]) introduced the bill on March 8, 2001.<ref name="text">{{cite web|author=|url=http://www.theorator.com/bills107/s494.html|title=Zimbabwe Democracy and Economic Recovery Act in 2001|publisher=The Orator|accessdate=2007-11-22}}</ref> Senators Frist, ] (R-]), ] (D-]), and ] (D-]) sponsored the bill. The ] passed the bill on |
Senators ] (R-]) and ] (D-]) introduced the bill on March 8, 2001.<ref name="text">{{cite web|author=|url=http://www.theorator.com/bills107/s494.html|title=Zimbabwe Democracy and Economic Recovery Act in 2001|publisher=The Orator|accessdate=2007-11-22}}</ref> Senators Frist, ] (R-]), ] (D-]), and ] (D-]) sponsored the bill. The ] passed the bill on August 1 and the ] passed the bill on December 4.<ref name="signings">{{cite web|author=|url=http://www.glob.co.zw/homepage/which_sanctions.html|title=Sanctions, which sanctions?|publisher=Global Analysis|accessdate=2007-11-22}}</ref> ] ] signed it into law on December 21.<ref name="signed">{{cite web|author=|url=http://georgewbush-whitehouse.archives.gov/news/releases/2001/12/20011221-15.html|title=President Signs Zimbabwe Democracy and Economic Recovery Act|publisher=White House|accessdate=2007-11-22}}</ref> | ||
| Simbi Veke Mubako, Zimbabwe's ambassador, and ] accused supporters of the bill of anti-black racism.<ref name="heritage">{{cite web|author=|url=http://www.heritage.org/Research/Africa/EM747.cfm|title=Past Time to Isolate Zimbabwe|publisher=The Heritage Foundation|accessdate=2007-11-22}}</ref><ref name="mckinney">{{cite web|author=|url=http://www.ratical.org/co-globalize/CynthiaMcKinney/news/pr011205a.htm|title=Zimbabwe Democracy and Economic Recovery Act of 2001|publisher=Ratical|accessdate=2007-11-22}}</ref> | Simbi Veke Mubako, Zimbabwe's ambassador, and ] accused supporters of the bill of anti-black racism.<ref name="heritage">{{cite web|author=|url=http://www.heritage.org/Research/Africa/EM747.cfm|title=Past Time to Isolate Zimbabwe|publisher=The Heritage Foundation|accessdate=2007-11-22}}</ref><ref name="mckinney">{{cite web|author=|url=http://www.ratical.org/co-globalize/CynthiaMcKinney/news/pr011205a.htm|title=Zimbabwe Democracy and Economic Recovery Act of 2001|publisher=Ratical|accessdate=2007-11-22}}</ref> | ||
Revision as of 15:24, 27 December 2009
The Zimbabwe Democracy and Economic Recovery Act (S. 494) is an act passed by the United States Congress sanctioned to provide for a transition to democracy and to promote economic recovery in Zimbabwe.
Senators Bill Frist (R-Tennessee) and Russ Feingold (D-Wisconsin) introduced the bill on March 8, 2001. Senators Frist, Jesse Helms (R-North Carolina), Hillary Rodham Clinton (D-New York), and Joseph Biden (D-Delaware) sponsored the bill. The Senate passed the bill on August 1 and the House passed the bill on December 4. President George W. Bush signed it into law on December 21.
Simbi Veke Mubako, Zimbabwe's ambassador, and Cynthia McKinney accused supporters of the bill of anti-black racism.
Statement of Policy
"It is the policy of the United States to support the people of Zimbabwe in their struggle to effect peaceful, democratic change, achieve broad-based and equitable economic growth, and restore the rule of law."
Sanctions
The sanctions nature of the Zimbabwe Democracy and Economic Recovery Act of 2001 are mentioned below:
SEC. 4. SUPPORT FOR DEMOCRATIC TRANSITION AND ECONOMIC RECOVERY.
- (c) MULTILATERAL FINANCING RESTRICTION- Until the President makes the certification described in subsection (d), and except as may be required to meet basic human needs or for good governance, the Secretary of the Treasury shall instruct the United States executive director to each international financial institution to oppose and vote against--
- (1) any extension by the respective institution of any loan, credit, or guarantee to the Government of Zimbabwe; or
- (2) any cancellation or reduction of indebtedness owed by the Government of Zimbabwe to the United States or any international financial institution.
The institutions directly affected by this policy are listed in Sec 3, titled Definitions:
- SEC. 3. DEFINITIONS.
- In this Act:
- (1) INTERNATIONAL FINANCIAL INSTITUTIONS- The term `international financial institutions' means the multilateral development banks and the International Monetary Fund.
- (2) MULTILATERAL DEVELOPMENT BANKS- The term `multilateral development banks' means the
- International Bank for Reconstruction and Development, the International Development Association, the
- International Finance Corporation, the
- Inter-American Development Bank, the
- Asian Development Bank, the
- Inter-American Investment Corporation, the
- African Development Bank, the
- African Development Fund, the
- European Bank for Reconstruction and Development, and the
- Multilateral Investment Guaranty Agency
Especially the last institution, the Multilateral Investment Guarantee Agency is important in underwriting loans between governments.
References
- "Zimbabwe Democracy and Economic Recovery Act in 2001". The Orator. Retrieved 2007-11-22.
- "Sanctions, which sanctions?". Global Analysis. Retrieved 2007-11-22.
- "President Signs Zimbabwe Democracy and Economic Recovery Act". White House. Retrieved 2007-11-22.
- "Past Time to Isolate Zimbabwe". The Heritage Foundation. Retrieved 2007-11-22.
- "Zimbabwe Democracy and Economic Recovery Act of 2001". Ratical. Retrieved 2007-11-22.
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