§ 262p-7. — Reform of the Enhanced Structural Adjustment Facility.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC262p-7]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
Sec. 262p-7. Reform of the Enhanced Structural Adjustment
Facility
The Secretary of the Treasury shall instruct the United States
Executive Directors at the International Bank for Reconstruction and
Development (World Bank) and the International Monetary Fund (IMF) to
use the voice and vote of the United States to promote the establishment
of poverty reduction strategy policies and procedures at the World Bank
and the IMF that support countries' efforts under programs developed and
jointly administered by the World Bank and the IMF that have the
following components:
(1) The development of country-specific poverty reduction
strategies (Poverty Reduction Strategies) under the leadership of
such countries that--
(A) will be set out in poverty reduction strategy papers
(PRSPs) that provide the basis for the lending operations of the
International Development Association (IDA) and the reformed
Enhanced Structural Adjustment Facility (ESAF);
(B) will reflect the World Bank's role in poverty reduction
and the IMF's role in macroeconomic issues;
(C) will make the IMF's and the World Bank's advice and
operations fully consistent with the objectives of poverty
reduction through broad-based economic growth; and
(D) should include--
(i) implementation of transparent budgetary procedures
and mechanisms to help ensure that the financial benefits of
debt relief under the modified Heavily Indebted Poor
Countries Initiative (as defined in section 262p-6 of this
title) are applied to programs that combat poverty; and
(ii) monitorable indicators of progress in poverty
reduction.
(2) The adoption of procedures for periodic comprehensive
reviews of reformed ESAF and IDA programs to help ensure progress
toward longer-term poverty goals outlined in the Poverty Reduction
Strategies and to allow adjustments in such programs.
(3) The publication of the PRSPs prior to Executive Board review
of related programs under IDA and the reformed ESAF.
(4) The establishment of a standing evaluation unit at the IMF,
similar to the Operations Evaluation Department of the World Bank,
that would report directly to the Executive Board of the IMF and
that would undertake periodic reviews of IMF operations, including
the operations of the reformed ESAF, including--
(A) assessments of experience under the reformed ESAF
programs in the areas of poverty reduction, economic growth, and
access to basic social services;
(B) assessments of the extent and quality of participation
in program design by citizens;
(C) verifications that reformed ESAF programs are designed
in a manner consistent with the Poverty Reduction Strategies;
and
(D) prompt release to the public of all reviews by the
standing evaluation unit.
(5) The promotion of clearer conditionality in IDA and reformed
ESAF programs that focuses on reforms most likely to support poverty
reduction through broad-based economic growth.
(6) The adoption by the IMF of policies aimed at reforming ESAF
so that reformed ESAF programs are consistent with the Poverty
Reduction Strategies.
(7) The adoption by the World Bank of policies to help ensure
that its lending operations in countries eligible for debt relief
under the modified Heavily Indebted Poor Countries Initiative are
consistent with the Poverty Reduction Strategies.
(8) Strengthening the linkage between borrower country
performance and lending operations by IDA and the reformed ESAF on
the basis of clear and monitorable indictors.\1\
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\1\ So in original. Probably should be ``indicators''.
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(9) Full public disclosure of the proposed objectives and
financial organization of the successor to the ESAF at least 90 days
before any decision by the Executive Board of the IMF to consider
its adoption.
(Pub. L. 95-118, title XVI, Sec. 1624, as added Pub. L. 106-113, div. B,
Sec. 1000(a)(5) [title V, Sec. 502], Nov. 29, 1999, 113 Stat. 1536,
1501A-314.)
Definitions
The definitions in section 262p-5 of this title apply to this
section.
