§ 5411. — Multilateral support for structural adjustment in Poland and Hungary.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC5411]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 63--SUPPORT FOR EAST EUROPEAN DEMOCRACY (SEED)
SUBCHAPTER I--STRUCTURAL ADJUSTMENT
Sec. 5411. Multilateral support for structural adjustment in
Poland and Hungary
(a) Multilateral assistance for Poland and Hungary
(1) In general
To the extent that Poland and Hungary continue to evolve toward
pluralism and democracy and to develop and implement comprehensive
economic reform programs, the United States Government shall take
the leadership in mobilizing international financial institutions,
in particular the International Monetary Fund and the International
Bank for Reconstruction and Development and its affiliated
institutions in the World Bank group, to provide timely and
appropriate resources to help Poland and Hungary.
(2) World Bank structural adjustment loan for Poland
In furtherance of paragraph (1), the Secretary of the Treasury
shall direct the United States Executive Director of the
International Bank for Reconstruction and Development to urge
expeditious approval and disbursement by the Bank of a structural
adjustment loan to Poland in an appropriate amount in time to
facilitate the implementation of major economic reforms scheduled
for early 1990, including the termination of energy, export, and
agricultural subsidies and wage indexation.
(b) Stabilization assistance, debt relief, and agricultural assistance
for Poland
To the extent that Poland continues to evolve toward pluralism and
democracy and to develop and implement comprehensive economic reform
programs, the United States Government shall do the following:
(1) Stabilization assistance
The United States Government, in conjunction with other member
governments of the Organization of Economic Cooperation and
Development (OECD) and international financial institutions
(including the International Monetary Fund), shall support the
implementation of a plan of the Government of Poland to attack
hyperinflation and other structural economic problems, address
pressing social problems, carry out comprehensive economic reform,
and relieve immediate and urgent balance of payments requirements in
Poland, through the use of mechanisms such as--
(A) the Exchange Stabilization Fund pursuant to section 5302
of title 31 and in accordance with established Department of the
Treasury policies and procedures; and
(B) the authority provided in section 5412(c) of this title.
(2) Debt relief
The United States Government--
(A) shall urge all members of the ``Paris Club'' of creditor
governments and other creditor governments to adopt, and
participate in, a generous and early rescheduling program for
debts owed by the Government of Poland; and
(B) in coordination with other creditor governments, shall
seek to expedite consultations between the Government of Poland
and its major private creditors in order to facilitate a
rescheduling and reduction of payments due on debt owed to such
creditors in a manner consistent with the international debt
policy announced by the Secretary of the Treasury on March 10,
1989.
(3) Agricultural assistance
The United States Government shall provide agricultural
assistance for Poland in accordance with section 5413 of this title.
(Pub. L. 101-179, title I, Sec. 101, Nov. 28, 1989, 103 Stat. 1302.)
Section Referred to in Other Sections
This section is referred to in sections 5412, 5413 of this title.
