§ 283z-7. — Limitations on policy based lending.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC283z-7]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER XII--INTER-AMERICAN DEVELOPMENT BANK
Sec. 283z-7. Limitations on policy based lending
The Secretary of the Treasury shall--
(1) take all necessary steps to encourage the Bank to limit the
aggregate value of the policy based loans made by the Bank (other
than policy based loans made to any country which the Bank has
determined is economically less developed or has a limited market
economy, which are used to purchase sovereign debt of such country
or to reduce the debt or debt service burden of such country) during
the 4-year period beginning on January 1, 1990, to 25 percent of the
aggregate value of all loans made by the Bank during such 4-year
period;
(2) take all necessary steps to encourage the Bank to limit the
aggregate value of the policy based loans made by the Bank to the
government of a particular country during such 4-year period, to 50
percent of the aggregate value of all loans made by the Bank to such
government during such 4-year period;
(3) instruct the United States Executive Director of the Bank to
explore with the other Executive Directors of the Bank ways to use a
portion of the resources made available to the Bank by reason of the
subscription and contribution described in section 283z-5(a)(2) of
this title for debt reduction and debt service reduction for
countries described in paragraph (1); and
(4) before the end of the 12-month period beginning on December
19, 1989, report to the Congress on the matters described in
paragraph (3).
(Pub. L. 86-147, Sec. 35, as added Pub. L. 101-240, title II, Sec. 203,
Dec. 19, 1989, 103 Stat. 2498.)
