
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 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.)
