Support by international financial institutions for reducing debt load of countries with high vulnerability to extreme weather events and slow-onset climate disasters

(a) In general The United States Executive Directors at the international financial institutions shall use the voice and vote of the United States in those institutions to support eligible countries with high vulnerability to extreme weather events and slow-onset climate disasters by advocating for policies that reduce or restructure the debt load of those countries, such as by facilitating— (1) debt forgiveness agreements; (2) debt buybacks; (3) debt-for-resilience and debt-for-nature swaps; and (4) other similar programs. (b) Definitions In this section: (1) Eligible country The term eligible country means— (A) a low income, lower-middle income, or upper-middle income country, as determined by the World Bank; or (B) a small island developing state, as determined by the United Nations. (2) International financial institution The term international financial institution means each of the following: (A) The International Monetary Fund. (B) The International Bank for Reconstruction and Development. (C) The International Development Association. (D) The International Finance Corporation. (E) The Multilateral Investment Guarantee Agency. (F) The African Development Fund. (G) The African Development Bank. (H) The Asian Development Fund. (I) The Asian Development Bank. (J) The European Bank for Reconstruction and Development. (K) The Inter-American Development Bank (in this section referred to as IDB). (L) IDB Invest. (M) The North American Development Bank. (3) Other terms The terms extreme weather event and slow-onset climate disaster have the meanings given those terms in section 901 of the Foreign Assistance Act of 1961, as added by section 2.