(B) consider to what extent and in what form these comments might be made available to the international banking community and the public. (2) As part of any Fund-approved stabilization program, the Fund should give consideration to placing limits on public sector external short- and long-term borrowing. (3) As a part of its annual report, and at such times as it may consider desirable, the Fund should publish its evaluation of the trend and volume of international lending as it affects the economic situation of lenders, borrowers, and the smooth functioning of the international monetary system. IMF INTEREST RATES SEC. 48.76 The Secretary of the Treasury shall instruct the United States Executive Director of the Fund to propose and work for the adoption of Fund policies regarding the rate of remuneration paid on use of member's quota subscriptions and the rate of charges on Fund drawings to bring those rates in line with market rates. TRADE PROVISIONS SEC. 49.77 (a)(1) The Secretary of the Treasury shall instruct the United States Executive Director of each of the multilateral development banks 78 (in this section referred to as the "banks") and of the Fund to initiate a wide consultation with the Managing Director of each of the banks 78 and of the Fund and the other directors of the banks 78 and of the Fund with regard to the development of financial assistance policies which, to the maximum feasible extent (A) reduce obstacles to and restrictions upon international trade and investment in goods and services; (B) eliminate unfair trade and investment practices; and (C) promote mutually advantageous economic relations. (2) The Secretary of the Treasury shall work closely in this effort with the Trade Policy Committee. (3) As part of this effort, the Secretary of the Treasury shall also instruct the United States Executive Director of each of the banks 78 and of the Fund to encourage close cooperation between their staff and the GATT Secretariat. (b)(1) The Secretary of the Treasury shall instruct the United States Executive Director of each of the banks 78 and of the Fund, prior to the extension of any country of financial assistance by the banks 78 and by the Fund to work to have the banks 78 and the Fund obtain the agreement of such country to eliminate, in a manner consistent with its balance of payments adjustment program, unfair trade and investment practices with respect to goods and services which the United States Trade Representative, after consultation with the Trade Policy Committee, has determined to 76 22 U.S.C. ff. Sec. 48 was added by sec. 810 of Public Law 98-181 (97 Stat. 1274). 77 22 U.S.C. gg. Sec. 49 was added by sec. 812 of Public Law 98-181 (97 Stat. 1275). 78 References to the multilateral development banks were added by sec. 555 of the Foreign Assistance and Related Programs Appropriations Act, 1987 (as contained in section 101(f) of the Continuing Appropriations, 1987; Public Law 99-591; 100 Stat. 3341-240). have a significant deleterious effect on the international trading system. (2) Such practices include (A) the provision of predatory export subsidies, employed in connection with the exporting of agricultural commodities and products thereof to foreign countries; (B) the provision of other export subsidies, such as government subsidized below-market interest rate financing for commodities or manufactured goods; (C) unreasonable import restrictions; (D) the imposition of trade-related performance requirements on foreign investment; and (E) practices which are inconsistent with international agree ments. (c)(1) In determining the United States position on requests for periodic drawing under bank 78 and Fund programs, the Secretary of the Treasury shall take full account of the progress countries have made in achieving targets for eliminating or phasing out the practices referred to in subsection (b) of this section. (2) In the event that the United States supports a request for drawing by a country that has not achieved the bank 78 and Fund targets relating to such practices specified in its program, the Secretary of the Treasury shall report to the appropriate committees of the Congress the reasons for the United States position. (d) 79 For purposes of this section, the term "multilateral development banks" means the International Bank for Reconstruction and Development, the Inter-American Development Bank, the African Development Bank, and the Asian Development Bank. SEC. 51.81 (a) The United States Governor of the Bank is authorized (1) to vote for an increase of seventy thousand shares in the authorized capital stock of the Bank; and (2) to subscribe on behalf of the United States to twelve thousand four hundred and fifty-three additional shares of the capital stock of the Bank, except that any subscription to such additional shares shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts. (b) In order to pay for the increase in the United States subscription to the Bank provided for in this section, there are authorized 79 Subsection (d) was added by sec. 555(a) of the Foreign Assistance and Related Programs Appropriations Act, 1987 (section 101(f) of the Continuing Appropriations Act, 1987; Public Law 99591; 100 Stat. 3341). 80 Sec. 541 of the International Development and Finance Act of 1989 (Public Law 101-240; 103 Stat. 2518) consolidated several reporting requirements into new secs. 1701-1703 and titles XVIII and XIX of the International Financial Institutions Act (beginning at page 187) and repealed duplicative requirements in other legislation. Sec. 541(d)(1) repealed sec. 50. For original text, see sec. 813 of Public Law 98-181 (97 Stat. 1276). 8122 U.S.C. 286e-1j. The Selective Capital Increase (SCI) authorized by sec. 51 was added by sec. 301 of H.R. 2253, as enacted into law by sec. 101(i) of the Further Continuing Appropriations, 1986 (Public Law 99-190; 99 Stat. 1291). to be appropriated, without fiscal year limitation, $1,502,267,655 for payment by the Secretary of the Treasury. SEC. 52.82 The United States Governor of the Bank is hereby authorized to agree to and to accept the amendment to the Articles of Agreement in the proposed resolution entitled "Amendment to the Articles of Agreement of the Bank" forwarded to the United States on February 27, 1987. CAPITAL STOCK INCREASE SEC. 53.83 (a) INCREASE AUTHORIZED.-The United States Governor of the Bank is authorized (1) to vote for an increase of 620,000 shares in the authorized capital stock of the Bank; and (2) to subscribe on behalf of the United States to 116,262 additional shares of the capital stock of the Bank, except that any subscription to such additional shares shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts. (b) AUTHORIZATION OF APPROPRIATIONS.-In order to pay for the increase in the United States subscription to the Bank provided for in this section, there are authorized to be appropriated, without fiscal year limitation, $14,025,266,370 for payment by the Secretary of the Treasury.84 CONTRIBUTION TO THE INTEREST SUBSIDY ACCOUNT OF THE ENHANCED STRUCTURAL ADJUSTMENT FACILITY OF THE INTERNATIONAL MONETARY FUND SEC. 54.85 (a) CONTRIBUTION AUTHORIZED. (1) IN GENERAL.-Subject to paragraph (2), the United States Governor of the Fund may contribute $150,000,000 to the Interest Subsidy Account of the Enhanced Structural Adjustment Facility of the Fund on behalf of the United States. (2) CONDITION.-The United States Governor of the Fund may not make a commitment to contribute any amount authorized to be contributed under paragraph (1) before an amount equal to such amount has been appropriated for such purpose. (b) LIMITATION ON AUTHORIZATION OF APPROPRIATIONS.—To pay for the contribution authorized by subsection (a), there are authorized to be appropriated not to exceed $150,000,000, without fiscal year limitation, for payment by the Secretary of the Treasury. 82 Sec. 52 was added by sec. 601 of H.R. 3750, as introduced by the House Committee on Banking, Finance and Urban Affairs, on December 11, 1987, and enacted into law by reference in Title I of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1988 (sec. 101(e) of the Continuing Appropriations; 1988, Public Law 100-202; 101 Stat. 1329 at 1329-1340). 83 22 U.S.C. 286e-1k. Sec. 53 was added by sec. 1 of H.R. 4645, as reported by the Committee on Banking, Finance, and Urban Affairs on Sept. 22, 1988, and enacted into law by reference in sec. 555 of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1989 (Public Law 100-461; 102 Stat. 2268-36). 84 U.S. payment for this increase was made in the following amounts and Public Laws: fiscal year 1989-$2,342.9 million ($50 million paid-in capital; $1,292.9 million callable capital) (Public Law 100-461); fiscal year 1990-$50 million paid-in capital (Public Law 101–167). 85 22 U.S.C. 286e-12. Sec. 301 of the International Development and Finance Act of 1989 (Public Law 101-240; 103 Stat. 2500) added sec. 54. DISCUSSIONS TO ENHANCE THE CAPACITY OF THE FUND TO ALLEVIATE THE POTENTIALLY ADVERSE IMPACTS OF FUND PROGRAMS ON THE POOR AND THE ENVIRONMENT SEC. 55.86 The Secretary of the Treasury shall instruct the United States Executive Director of the Fund to seek policy changes by the Fund, through formal initiatives and through bilateral discussions, which will result in (1) the initiation of a systematic review of policy prescriptions implemented by the Fund, for the purpose of determining whether the Fund's objectives were met and the social and environmental impacts of such policy prescriptions; and (2) the establishment of procedures which ensure the inclusion, in future economic reform programs approved by the Fund, of policy options which eliminate or reduce the potential adverse impact on the well-being of the poor or the environment resulting from such programs. 86 22 U.S.C. 286kk. Sec. 302 of the International Development and Finance Act of 1989 (Public Law 101-240; 103 Stat. 2500) added sec. 55. (B) Bretton Woods Agreements Act Amendments, 1980 Partial text of Public Law 96-389 [S. 2271], 94 Stat. 1551, approved October 7, 1980 AN ACT To amend the Bretton Woods Agreements Act to authorize consent to an increase in the United States quota in the International Monetary Fund, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, NOTE.-Except for the provisions included below, Public RECYCLING BALANCE-OF-PAYMENTS SURPLUSES SEC. 4. (a)1 It is the sense of the Congress that (1) the interests of the United States and those of other member countries require an effective International Monetary Fund equipped with resources adequate to facilitate orderly balance-of-payments adjustments; (2) persistent balance-of-payments surpluses in oil exporting countries have placed, and will continue to place, severe strains on the resources of oil importing countries and on the liquidity of the Fund; (3) these strains can only be relieved if the oil exporting countries assume a greater burden for financing balance-of-payments deficits through direct methods of recycling their surpluses and through proportionally greater contributions to the Fund and to the international lending institutions; and (4) the Fund must explore innovative proposals to encourage more direct recycling of oil surpluses and to increase its own liquidity. SEC. 9.2 The United States Executive Director to the Fund shall seek to insure (a) that Fund salaries do not exceed those levels endorsed by the Fund Bank Joint Committee on Staff Compensation Issues; and (b) that travel costs are minimized by limiting first class and supersonic travel to instances where no reasonable alternative exists. 1 22 U.S.C. 286t note. 2 22 U.S.C. 286a note. |