To encourage the provision of multilateral debt cancellation for countries eligible to be considered for assistance under the Heavily Indebted Poor Countries (HIPC) Initiative or heavily affected by HIV/AIDS, and for other purposes.

Directs the Secretary of the Treasury to instruct the U.S. Executive Directors at the International Bank for Reconstruction and Development (World Bank) and the International Monetary Fund (IMF) to use the U.S. voice, vote, and influence to call for a vote by such institutions on: (1) negotiating a strategy to cancel debts owed them by any country eligible for assistance under the Heavily Indebted Poor Countries (HIPC) Initiative or heavily affected by HIV/AIDS, which should ensure that the savings from such cancellation are used for fair and transparent poverty reduction; (2) accepting an immediate moratorium on debt service payments and accrual of interest on the debt owed by such country; (3) encouraging each country to ensure that the national HIV/AIDS strategic plan is fully funded, with a significant proportion of the savings from the debt cancellation to be used for HIV/AIDS response and other health priorities, and HIV/AIDS and infectious disease control strategies are based upon best practices, including prevention, care, treatment, orphan response, and accessibility to affordable drugs and social and health infrastructure; and (4) using their reserve accounts or net income to offset debt cancellation costs.

Directs the Secretary to instruct the U.S. Executive Directors at the World Bank and the IMF to oppose any of their programs that would include user fees for primary education or primary health care, including prevention and treatment efforts for HIV/AIDS, malaria, tuberculosis, and infant, child, and maternal well-being.

Directs the Secretary to develop strategies to counter corruption in beneficiary countries under this Act.