(1)
In general
The Secretary of the Treasury should immediately commence efforts within the Paris Club of Official Creditors, the International Bank for Reconstruction and Development, the International Monetary Fund, and other appropriate multilateral development institutions to modify the Enhanced HIPC Initiative so that the amount of debt stock reduction approved for a country eligible for debt relief under the Enhanced HIPC Initiative shall be sufficient to reduce, for each of the first 3 years after May 27, 2003, or the Decision Point, whichever is later—
(A)
the net present value of the outstanding public and publicly guaranteed debt of the country—
(i)
as of the decision point if the country has already reached its decision point; or
(ii)
as of May 27, 2003, if the country has not reached its decision point,
to not more than 150 percent of the annual value of exports of the country for the year preceding the Decision Point; and
(B)
the annual payments due on such public and publicly guaranteed debt to not more than—
(i)
10 percent or, in the case of a country suffering a public health crisis (as defined in subsection (e) of this section), not more than 5 percent, of the amount of the annual current revenues received by the country from internal resources; or
(ii)
a percentage of the gross national product of the country, or another benchmark, that will yield a result substantially equivalent to that which would be achieved through application of clause (i).