§ 286ll. — Fund policy changes.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC286ll]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER XV--INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION
AND DEVELOPMENT
Sec. 286ll. Fund policy changes
(a) Policy changes within IMF
The Secretary of the Treasury shall instruct the United States
Executive Director of the Fund to promote regularly and vigorously in
program discussions and quota increase negotiations the following
proposals:
(1) Poverty alleviation, reduction of barriers to economic
and social progress, and progress toward
environmentally sound policies and programs
(A)(i) Considerations of poverty alleviation and the reduction
of barriers to economic and social progress should be incorporated
into all Fund programs and all consultations under article IV of the
Articles of Agreement of the Fund.
(ii) Preparation of Policy Framework Papers should be extended
to all nations which have Fund programs and active Bank or
International Development Association lending programs, and
existence of a Policy Framework Paper should be a precondition for
new lending to such nations by the Fund.
(iii) All Policy Framework Papers should articulate the
principal poverty, economic, and social measures that the borrowing
nation needs to address, and this portion of the Policy Framework
Paper (or a summary thereof that includes specific measures and
timing) should be made available when the Policy Framework Paper is
submitted to the Executive Directors of the Bank and of the Fund for
consideration.
(iv) In considering whether to allocate resources of the Fund to
a borrower, the Fund should take into consideration the nature of
the program and commitment of the borrower to address the issues
referred to in clause (iii).
(v) The Fund should establish procedures to enable the Fund to
cooperate with the Bank in evaluating the effectiveness of the
measures referred to in clause (iii), at the levels of policy,
project design, monitoring, and reporting, in the international
financial institutions and in the borrowing nations.
(B)(i) The Fund should be encouraged to make further progress
toward environmentally sound policies and programs.
(ii) The Fund should incorporate environmental considerations
into all Fund programs, including consultations under article IV of
the Articles of Agreement of the Fund.
(iii) The Fund should be encouraged to support the efforts of
nations to implement systems of natural resource accounting in their
national income accounts.
(iv) The Fund should be encouraged to assist and cooperate fully
with the statistical research being undertaken by the Organization
for Economic Cooperation and Development and by the United Nations
in order to facilitate development and adoption of a generally
applicable system for taking account of the depletion or degradation
of natural resources in national income accounts.
(v) The Fund should be encouraged to consider and implement, as
appropriate, revisions in its national income reporting systems
consistent with such new systems as are of general applicability.
(2) Policy audits
(A) The Fund should conduct periodic audits to review
systematically the policy prescriptions recommended and required by
the Fund in the areas of poverty and the environment.
(B) The purposes of such audits would be--
(i) to determine whether the Fund's objectives were met; and
(ii) to evaluate the social and environmental impacts of the
implementation of the policy prescriptions.
(C) Such audits would have access to all ongoing programs and
activities of the Fund and the ability to review the effects of
Fund-supported programs, on a country-by-country basis, with respect
to poverty, economic development, and environment.
(D) Such audits should be made public as appropriate with due
respect to confidentiality.
(3) Ensuring policy options that increase the productive
participation of the poor
The Fund should establish procedures that ensure the focus of
future economic reform programs approved by the Fund on policy
options that increase the productive participation of the poor in
the economy.
(4) Public access to information
(A) The Fund should establish procedures for public access to
information.
(B) Such procedures shall seek to ensure access of the public to
information while paying due regard to appropriate confidentiality.
(C) Policy Framework Papers and the supporting documents
prepared by the Fund's mission to a country are examples of
documents that should be made public at an appropriate time and in
appropriate ways.
(b) Progress report
Each annual report of the National Advisory Council on International
Monetary and Financial Policies shall describe the following:
(1) The actions that the United States Executive Director and
other officials have taken to convince the Fund to adopt the
proposals set forth in subsection (a) of this section through formal
initiatives before the Board and management of the Fund, through
bilateral discussions with other member nations, and through any
further quota increase negotiations.
(2) The status of the progress being made by the Fund in
implementing the proposals set forth in subsection (a) of this
section.
(c) Study
The Secretary of the Treasury shall instruct the United States
Executive Director to the Fund to urge the Fund--
(1) to explore ways to increase the involvement and
participation of important ministries, national development experts,
environmental experts, free-market experts, and other legitimate
experts and representatives from the loan-recipient country in the
development of Fund programs; and
(2) to report on the status of Fund efforts in this regard.
(July 31, 1945, ch. 339, Sec. 59, as added Pub. L. 102-511, title X,
Sec. 1002, Oct. 24, 1992, 106 Stat. 3357.)
