22 U.S.C. § 286kk — Discussions to enhance capacity of Fund

Page 195 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 286ll value of all loans made by such bank to such government during such 3-year period; (2) instruct the United States Executive Di- rector of such bank to propose and actively seek the adoption by the board of Executive Directors of such bank of a resolution estab- lishing as official bank operating policy for fiscal years 1990 through 1995 of such bank the limits specified in paragraph (1); and (3) until the resolution described in para- graph (2) is adopted, undertake, in consulta- tion with the Secretary of State, discussions with other member country governments to secure the consent and cooperation of such governments with respect to the adoption of the limits specified in paragraph (1). (Pub. L. 100–461, title V, § 555, Oct. 1, 1988, 102 Stat. 2268–36.) Editorial Notes CODIFICATION Section is based on section 4 of H.R. 4645, One Hun- dredth Congress, as reported Sept. 28, 1988, and enacted into law by Pub. L. 100–461. Section was not enacted as part of act July 31, 1945, ch. 339, 59 Stat. 512, known as the Bretton Woods Agree- ments Act, which comprises this subchapter. § 286jj. Partial guarantees in connection with debt reduction for borrower countries The Secretary of the Treasury shall instruct the United States Executive Director of the International Bank for Reconstruction and De- velopment to initiate discussions with other di- rectors of such bank and to propose that such bank establish criteria under which such bank would provide partial guarantees on debt service payments by borrower countries to private creditors when such guarantees would serve a catalytic role in facilitating final agreement on financing packages which involve significant debt reduction. (Pub. L. 100–461, title V, § 555, Oct. 1, 1988, 102 Stat. 2268–36.) Editorial Notes CODIFICATION Section is based on section 5 of H.R. 4645, One Hun- dredth Congress, as reported Sept. 28, 1988, and enacted into law by Pub. L. 100–461. Section was not enacted as part of act July 31, 1945, ch. 339, 59 Stat. 512, known as the Bretton Woods Agree- ments Act, which comprises this subchapter. § 286kk. Discussions to enhance capacity of Fund to alleviate potentially adverse impacts of Fund programs on poor and environment 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 pre- scriptions; and (2) the establishment of procedures which ensure the inclusion, in future economic re- form programs approved by the Fund, of pol- icy options which eliminate or reduce the po- tential adverse impact on the well-being of the poor or the environment resulting from such programs. (July 31, 1945, ch. 339, § 55, as added Pub. L. 101–240, title III, § 302, Dec. 19, 1989, 103 Stat. 2500.) § 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 negotia- tions 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 ar- ticle 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 Inter- national Development Association lending programs, and existence of a Policy Frame- work Paper should be a precondition for new lending to such nations by the Fund. (iii) All Policy Framework Papers should ar- ticulate the principal poverty, economic, and social measures that the borrowing nation needs to address, and this portion of the Pol- icy 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 Execu- tive Directors of the Bank and of the Fund for consideration. (iv) In considering whether to allocate re- sources 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 pol- icy, 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 environ- mentally sound policies and programs. (ii) The Fund should incorporate environ- mental 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 sup- port the efforts of nations to implement sys- tems of natural resource accounting in their national income accounts. (iv) The Fund should be encouraged to assist and cooperate fully with the statistical re-