1. U.S. Code
  2. title 22
  3. chapter 7
  4. subchapter XV
  5. § 286hh

Collapse to view only § 286hh. Policy based lending for debt reduction

§ 286. Acceptance of membership by United States in International Monetary Fund

The President is hereby authorized to accept membership for the United States in the International Monetary Fund (hereinafter referred to as the “Fund”), and in the International Bank for Reconstruction and Development (hereinafter referred to as the “Bank”), provided for by the Articles of Agreement of the Fund and the Articles of Agreement of the Bank as set forth in the Final Act of the United Nations Monetary and Financial Conference dated July 22, 1944, and deposited in the archives of the Department of State.

(July 31, 1945, ch. 339, § 2, 59 Stat. 512.)

CITE AS: 22 USC 286

§ 286a. Appointments
(a) Governors and executive directors; term of office
(b) Alternates; term of office
(c) Governor to serve as councillor; alternates and associates
(d) Compensation for services
(1) No person shall be entitled to receive any salary or other compensation from the United States for services as a Governor, executive director, councillor, alternate, or associate.
(2) The United States executive director of the Fund shall not be compensated by the Fund at a rate in excess of the rate provided for an individual occupying a position at level IV of the Executive Schedule under section 5315 of title 5. The United States alternate executive director of the Fund shall not be compensated by the Fund at a rate in excess of the rate provided for an individual occupying a position at level V of the Executive Schedule under section 5316 of title 5.
(3) The Secretary of the Treasury shall instruct the United States executive director of the Fund to present to the Fund’s Executive Board a comprehensive set of proposals, consistent with maintaining high levels of competence of Fund personnel and consistent with the Articles of Agreement, with the objective of assuring that salaries and other compensation accorded Fund employees do not exceed those received by persons filling similar levels of responsibility within national government service or private industry. The Secretary shall report these proposals together with any measures adopted by the Fund’s Executive Board to the Congress prior to February 1, 1979.
(July 31, 1945, ch. 339, § 3, 59 Stat. 512; Pub. L. 93–94, Aug. 15, 1973, 87 Stat. 314; Pub. L. 94–564, § 2, Oct. 19, 1976, 90 Stat. 2660; Pub. L. 95–435, § 2, Oct. 10, 1978, 92 Stat. 1051.)

CITE AS: 22 USC 286a

§ 286b. National Advisory Council on International Monetary and Financial Problems
(a) Establishment and composition
(b) Duties and functions; reports by Council
(1) The Council, after consultation with the representatives of the United States on the Fund and the Bank, shall recommend to the President general policy directives for the guidance of the representatives of the United States on the Fund and the Bank.
(2) The Council shall advise and consult with the President and the representatives of the United States on the Fund and the Bank on major problems arising in the administration of the Fund and the Bank.
(3) The Council shall coordinate, by consultation or otherwise, so far as is practicable, the policies and operations of the representatives of the United States on the Fund and the Bank, the Export-Import Bank of the United States and all other agencies of the Government to the extent that they make or participate in the making of foreign loans or engage in foreign financial, exchange or monetary transactions.
(4) Whenever, under the Articles of Agreement of the Fund or the Articles of Agreement of the Bank, the approval, consent or agreement of the United States is required before an act may be done by the respective institutions, the decision as to whether such approval, consent, or agreement, shall be given or refused shall (to the extent such decision is not prohibited by section 286c of this title) be made by the Council, under the general direction of the President. No governor, executive director, or alternate representing the United States shall vote in favor of any waiver of condition under article V, section 4, or in favor of any declaration of the United States dollar as a scarce currency under article VII, section 3, of the Articles of Agreement of the Fund, without prior approval of the Council.
(5) The Council shall make such reports and recommendations to the President as he may from time to time request, or as the Council may consider necessary to more effectively or efficiently accomplish the purposes of this subchapter or the purposes for which the Council is created.
(6) The general policy objectives for the guidance of the United States Executive Director of the Bank shall take into account the effect that development assistance loans have upon individual industry sectors and international commodity markets—
(A) to minimize projected adverse impacts; and
(B) to avoid, wherever possible, government subsidization of production and exports of international commodities without regard to economic conditions in the markets for such commodities.
(c) Reports to Council
(July 31, 1945, ch. 339, § 4, 59 Stat. 512; Apr. 3, 1948, ch. 169, title I, § 106, 62 Stat. 141; Oct. 10, 1951, ch. 479, title V, § 501(e)(2), 65 Stat. 378; 1953 Reorg. Plan No. 5, eff. June 30, 1953, 18 F.R. 3741, 67 Stat. 637; 1953 Reorg. Plan No. 7, eff. Aug. 1, 1953, 18 F.R. 4541, 67 Stat. 639; Aug. 9, 1954, ch. 660, § 2, 68 Stat. 678; Pub. L. 89–126, § 1(1), Aug. 14, 1965, 79 Stat. 519; Pub. L. 90–267, § 1(a), Mar. 13, 1968, 82 Stat. 47; Pub. L. 98–181, title I [title VIII, § 808(a)], Nov. 30, 1983, 97 Stat. 1273; Pub. L. 101–240, title V, § 541(d)(1), (f)(1), Dec. 19, 1989, 103 Stat. 2518, 2519.)

CITE AS: 22 USC 286b

§§ 286b–1, 286b–2. Repealed. Pub. L. 101–240, title V, § 541(d)(1), (5), Dec. 19, 1989, 103 Stat. 2518

CITE AS: 22 USC 286b-1, 286b-2

§ 286c. Congressional authorization needed for certain actions

Unless Congress by law authorizes such action, neither the President nor any person or agency shall on behalf of the United States (a) request or consent to any change in the quota of the United States under article III, section 2(a), of the Articles of Agreement of the Fund; (b) propose a par value for the United States dollar under paragraph 2, paragraph 4, or paragraph 10 of schedule C of the Articles of Agreement of the Fund; (c) propose any change in the par value of the United States dollar under paragraph 6 of schedule C of the Articles of Agreement of the Fund, or approve any general change in par values under paragraph 11 of schedule C; (d) subscribe to additional shares of stock under article II, section 3, of the Articles of Agreement of the Bank; (e) accept any amendment under article XXVIII of the Articles of Agreement of the Fund or Article VIII of the Articles of Agreement of the Bank; (f) make any loan to the Fund or the Bank; or (g) approve any disposition of Fund gold, unless the Secretary certifies to the Congress that such disposition is necessary for the Fund to restitute gold to its members, or for the Fund to provide liquidity that will enable the Fund to meet member country claims on the Fund or to meet threats to the systemic stability of the international financial system. Unless Congress by law authorizes such action, no governor or alternate appointed to represent the United States shall vote for an increase of capital stock of the Bank under article II, section 2, of the Articles of Agreement of the Bank, if such increase involves an increased subscription on the part of the United States. Neither the President nor any person or agency shall, on behalf of the United States, consent to any borrowing (other than borrowing from a foreign government or other official public source) by the Fund of funds denominated in United States dollars, unless the Secretary of the Treasury transmits a notice of such proposed borrowing to both Houses of the Congress at least 60 days prior to the date on which such borrowing is scheduled to occur.

(July 31, 1945, ch. 339, § 5, 59 Stat. 514; Pub. L. 89–126, § 1(2), Aug. 14, 1965, 79 Stat. 519; Pub. L. 94–564, § 3, Oct. 19, 1976, 90 Stat. 2660; Pub. L. 95–147, § 4(a)(1), Oct. 28, 1977, 91 Stat. 1228; Pub. L. 98–181, title I [title VIII, § 811], Nov. 30, 1983, 97 Stat. 1274; Pub. L. 106–113, div. B, § 1000(a)(5) [title V, § 504(d)(1)], Nov. 29, 1999, 113 Stat. 1536, 1501A–317.)

CITE AS: 22 USC 286c

§ 286d. Federal Reserve banks as depositories

Any Federal Reserve bank which is requested to do so by the Fund or the Bank shall act as its depository or as its fiscal agent, and the Board of Governors of the Federal Reserve System shall supervise and direct the carrying out of these functions by the Federal Reserve banks.

(July 31, 1945, ch. 339, § 6, 59 Stat. 514.)

CITE AS: 22 USC 286d

§ 286e. Payment of subscriptions to Fund and Bank by United States; issuance of special notes; income covered into Treasury

The Secretary of the Treasury is authorized to pay the balance of the subscription of the United States to the Fund not provided for in subsection (a) and to pay the subscription of the United States to the Bank from time to time when payments are required to be made to the Bank. For the purpose of making these payments, the Secretary of the Treasury is authorized to use as a public-debt transaction $8,675,000,000 of the proceeds of any securities hereafter issued under chapter 31 of title 31, and the purposes for which securities may be issued under that chapter are extended to include such purpose. Payment under this paragraph of the subscription of the United States to the Fund or the Bank and repayments thereof shall be treated as public-debt transactions of the United States.

For the purpose of keeping to a minimum the cost to the United States of participation in the Fund and the Bank, the Secretary of the Treasury, after paying the subscription of the United States to the Fund, and any part of the subscription of the United States to the Bank required to be made under article II, section 7(i), of the Articles of Agreement of the Bank, is authorized and directed to issue special notes of the United States from time to time at par and to deliver such notes to the Fund and the Bank in exchange for dollars to the extent permitted by the respective Articles of Agreement. The special notes provided for in this paragraph shall be issued under the authority and subject to the provisions of chapter 31 of title 31, and the purposes for which securities may be issued under that chapter are extended to include the purposes for which special notes are authorized and directed to be issued under this paragraph, but such notes shall bear no interest, shall be nonnegotiable, and shall be payable on demand of the Fund or the Bank, as the case may be. The face amount of special notes issued to the Fund under the authority of this paragraph and outstanding at any one time shall not exceed in the aggregate the amount of the subscription of the United States actually paid to the Fund and the dollar equivalent of currencies and gold which the United States shall have purchased from the Fund in accordance with the Articles of Agreement, and the face amount of such notes issued to the Bank and outstanding at any one time shall not exceed in the aggregate the amount of the subscription of the United States actually paid to the Bank under article II, section 7(i) of the Articles of Agreement of the Bank.

Any payment made to the United States by the Fund or the Bank as a distribution of net income shall be covered into the Treasury as a miscellaneous receipt.

(July 31, 1945, ch. 339, § 7(b)–(d), 59 Stat. 514; Pub. L. 86–48, § 2, June 17, 1959, 73 Stat. 80; Pub. L. 87–490, § 2, June 19, 1962, 76 Stat. 105.)

CITE AS: 22 USC 286e

§ 286e–1. Increase in quota of United States and in capital stock of Bank; subscription to additional shares
(a) The United States Governor of the Fund is authorized to request and consent to an increase of $1,375,000,000 in the quota of the United States under article III, section 2, of the articles of agreement of the Fund, as proposed in the resolution of the Board of Governors of the Fund dated February 2, 1959.
(b) The United States Governor of the Bank is authorized (1) to vote for increases in the capital stock of the Bank under article II, section 2, of the articles of agreement of the Bank, as recommended in the resolution of the Board of Governors of the Bank dated February 2, 1959, and (2) if such increases become effective, to subscribe on behalf of the United States to thirty-one thousand seven hundred and fifty additional shares of stock under article II, section 3, of the articles of agreement of the Bank.
(July 31, 1945, ch. 339, § 16, as added Pub. L. 86–48, § 1, June 17, 1959, 73 Stat. 80.)

CITE AS: 22 USC 286e-1

§ 286e–1a. Increase in capital stock of Bank

The United States Governor of the Bank is authorized to vote for an increase of $1,000,000,000 in the authorized capital stock of the Bank under article II, section 2, of the articles of agreement of the Bank, as recommended in the report, dated November 6, 1962, to the Board of Governors of the Bank by the Bank’s Executive Directors.

(July 31, 1945, ch. 339, § 19, as added Pub. L. 88–178, Nov. 13, 1963, 77 Stat. 334.)

CITE AS: 22 USC 286e-1a

§ 286e–1b. Increase in quota of United States; authorization of appropriations
(a) The United States Governor of the Fund is authorized to consent to an increase of $1,035,000,000 in the quota of the United States in the Fund.
(b) In order to pay the increase in the United States subscription to the Fund provided for in this section, there is hereby authorized to be appropriated $1,035,000,000, to remain available until expended.
(July 31, 1945, ch. 339, § 20, as added Pub. L. 89–31, June 2, 1965, 79 Stat. 119.)

CITE AS: 22 USC 286e-1b

§ 286e–1c. Additional increase in quota of United States
(a) The United States Governor of the Fund is authorized to consent to an increase of $1,540,000,000 in the quota of the United States in the Fund.
(b) In order to pay the increase in the United States quota in the Fund provided for in this section, there is hereby authorized to be appropriated $1,540,000,000, to remain available until expended.
(July 31, 1945, ch. 339, § 22, as added Pub. L. 91–599, ch. 1, § 1, Dec. 30, 1970, 84 Stat. 1657.)

CITE AS: 22 USC 286e-1c

§ 286e–1d. Increase in capital stock of Bank; subscription to additional shares; authorization of appropriations
(a) The United States Governor of the Bank is authorized (1) to vote for an increase of $3,000,000,000 in the authorized capital stock of the Bank, and (2) if such increase becomes effective, to subscribe on behalf of the United States to two thousand four hundred and sixty-one additional shares of the capital stock of the Bank.
(b) In order to pay for the increase in the United States subscription to the Bank provided for in this section, there is hereby authorized to be appropriated $246,100,000 to remain available until expended.
(July 31, 1945, ch. 339, § 23, as added Pub. L. 91–599, ch. 1, § 1, Dec. 30, 1970, 84 Stat. 1657.)

CITE AS: 22 USC 286e-1d

§ 286e–1e. Equivalent increase in quota of United States

The United States Governor of the Fund is authorized to consent to an increase in the quota of the United States in the Fund equivalent to 1,705 million Special Drawing Rights.

(July 31, 1945, ch. 339, § 25, as added Pub. L. 94–564, § 1, Oct. 19, 1976, 90 Stat. 2660.)

CITE AS: 22 USC 286e-1e

§ 286e–1f. Additional increase in capital stock of Bank; subscription to additional shares; authorization of appropriations
(a) The United States Governor of the Bank is authorized—
(1) to vote for an increase of seventy thousand shares in the authorized capital stock of the Bank; and
(2) if such increase becomes effective, to subscribe on behalf of the United States to thirteen thousand and five additional shares of the capital stock of the Bank: Provided, however, That any subscription to additional shares shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.
(b) In order to pay for the increase in the United States subscription to the Bank provided for in this section, there are authorized to be appropriated, without fiscal year limitation, $1,568,856,318 for payment by the Secretary of the Treasury.
(July 31, 1945, ch. 339, § 27, as added Pub. L. 95–118, title II, § 201, Oct. 3, 1977, 91 Stat. 1067; amended Pub. L. 97–35, title XIII, § 1312, Aug. 13, 1981, 95 Stat. 740.)

CITE AS: 22 USC 286e-1f

§ 286e–1g. Additional increase in quota of United States; condition

(July 31, 1945, ch. 339, § 32, as added and amended Pub. L. 96–389, §§ 1, 11, Oct. 7, 1980, 94 Stat. 1551, 1555.)

CITE AS: 22 USC 286e-1g

§ 286e–1h. Increase of subscription of stock; authority of United States Governor of Bank; authorization of appropriations
(a) The United States Governor of the Bank is authorized—
(1) to vote to increase by three hundred and sixty-five thousand shares the authorized capital stock of the Bank; and
(2) to subscribe on behalf of the United States to not more than seventy-three thousand and ten shares of the capital stock of the Bank: Provided, however, That not more than seven and one-half percent ($658,305,195) of the price of the shares subscribed may be paid in to the Bank on subscription, with the remainder of that price ($8,149,256,155) being subject to call only when a call on unpaid subscriptions is required to meet obligations of the Bank for funds borrowed or on loans guaranteed by it and not for use by the Bank in its lending activities or for administrative expenses: Provided further, That any subscription to such additional shares shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.
(b) In order to pay for the paid-in portion of the United States subscription to the Bank provided for in this section, there is authorized to be appropriated, without fiscal year limitation, $658,305,195 for payment by the Secretary of the Treasury: Provided, however, That not more than $109,720,549 of such sum may be made available for each of the fiscal years 1982, 1983, and 1984.
(July 31, 1945, ch. 339, § 39, as added Pub. L. 97–35, title XIII, § 1311, Aug. 13, 1981, 95 Stat. 740.)

CITE AS: 22 USC 286e-1h

§ 286e–1i. Increase in United States quota; consultations with Congress
(a) The United States Governor of the Fund is authorized to consent to an increase in the quota of the United States in the Fund equivalent to 5,310,800,000 Special Drawing Rights, limited to such amounts as are provided in advance in appropriations Acts.
(b)
(1) The Secretary of the Treasury shall consult with the chairman and the ranking minority member of—
(A) the Committee on Banking, Finance and Urban Affairs and the Committee on Appropriations of the House of Representatives, and any appropriate subcommittee of each such committee; and
(B) the committee on Foreign Relations, the Committee on Appropriations, and the Committee on Banking, Housing, and Urban Affairs of the Senate, and any appropriate subcommittee of each such committee,
for purposes of discussing the position of the executive branch and the views of the Congress with respect to any international negotiations being held to consider any future quota increase for the International Monetary Fund which may involve an increased contribution, subscription, or loan by the United States.
(2) Such consultation shall be made—
(A) not later than thirty days before the initiation of such international negotiations;
(B) during the period in which such negotiations are being held, in a frequent and timely manner; and
(C) before a session of such negotiations is held at which the United States representatives may agree to such quota increase.
(July 31, 1945, ch. 339, § 41, as added Pub. L. 98–181, title I [title VIII, § 802(a)(4)], Nov. 30, 1983, 97 Stat. 1268.)

CITE AS: 22 USC 286e-1i

§ 286e–1j. Additional increase in capital stock of Bank; subscription to additional shares; authorization of appropriations
(a) The United States Governor of the Bank is authorized—
(1) to vote for an increase of seventy thousand shares in the authorized capital stock of the Bank; and
(2) to subscribe on behalf of the United States to twelve thousand four hundred and fifty-three additional shares of the capital stock of the Bank, except that any subscription to such additional shares shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.
(b) In order to pay for the increase in the United States subscription to the Bank provided for in this section, there are authorized to be appropriated, without fiscal year limitation, $1,502,267,655 for payment by the Secretary of the Treasury.
(July 31, 1945, ch. 339, § 51, as added Pub. L. 99–190, § 101(i) [title I, (a)], Dec. 19, 1985, 99 Stat. 1291, 1294.)

CITE AS: 22 USC 286e-1j

§ 286e–1k. Capital stock increase
(a) Increase authorized
The United States Governor of the Bank is authorized—
(1) to vote for an increase of 620,000 shares in the authorized capital stock of the Bank; and
(2) to subscribe on behalf of the United States to 116,262 additional shares of the capital stock of the Bank, except that any subscription to such additional shares shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.
(b) Authorization of appropriations
(July 31, 1945, ch. 339, § 53, as added Pub. L. 100–461, title V, § 555, Oct. 1, 1988, 102 Stat. 2268–36.)

CITE AS: 22 USC 286e-1k

§ 286e–1l. Quota increase to 8,608,500,000 Special Drawing Rights

The United States Governor of the Fund may consent to an increase in the quota of the United States in the Fund equivalent to 8,608,500,000 Special Drawing Rights, limited to such amounts as are provided in advance in appropriations Acts.

(July 31, 1945, ch. 339, § 56, as added Pub. L. 102–511, title X, § 1001, Oct. 24, 1992, 106 Stat. 3357.)

CITE AS: 22 USC 286e-1l

§ 286e–1m. Quota increase to 10,622,500,000 Special Drawing Rights
(a) In general
(b) Subject to appropriations
(July 31, 1945, ch. 339, § 61, as added Pub. L. 105–277, div. A, § 101(d) [title VI, § 608], Oct. 21, 1998, 112 Stat. 2681–150, 2681–224.)

CITE AS: 22 USC 286e-1m

§ 286e–2. Loans to Fund
(a) Limitations
(1) In order to carry out the purposes of the decisions of January 5, 1962, February 24, 1983, and January 27, 1997, as amended in accordance with their terms, of the Executive Directors of the International Monetary Fund, the Secretary of the Treasury is authorized to make loans, in an amount not to exceed the equivalent of 6,712,000,000 Special Drawing Rights, limited to such amounts as are provided in advance in appropriations Acts, except that prior to activation, the Secretary of the Treasury shall certify that supplementary resources are needed to forestall or cope with an impairment of the international monetary system and that the Fund has fully explored other means of funding, to the Fund under article VII, section 1(i), of the Articles of Agreement of the Fund. Any loan under the authority granted in this subsection shall be made with due regard to the present and prospective balance of payments and reserve position of the United States.
(2) In order to carry out the purposes of a one-time decision of the Executive Directors of the International Monetary Fund (the Fund) to expand the resources of the New Arrangements to Borrow, established pursuant to the decision of January 27, 1997 referred to in paragraph (1) above, and to make other amendments to the New Arrangements to Borrow to achieve an expanded and more flexible New Arrangements to Borrow as contemplated by paragraph 17 of the G–20 Leaders’ Statement of April 2, 2009 in London, the Secretary of the Treasury is authorized to instruct the United States Executive Director to consent to such amendments notwithstanding subsection (d) of this section, and to make loans, in an amount not to exceed the dollar equivalent of 75,000,000,000 Special Drawing Rights, in addition to any amounts previously authorized under this section and limited to such amounts as are provided in advance in appropriations Acts, except that prior to activation, the Secretary of the Treasury shall report to Congress on whether supplementary resources are needed to forestall or cope with an impairment of the international monetary system and whether the Fund has fully explored other means of funding, to the Fund under article VII, section 1(i), of the Articles of Agreement of the Fund: Provided, That prior to instructing the United States Executive Director to provide consent to such amendments, the Secretary of the Treasury shall consult with the appropriate congressional committees on the amendments to be made to the New Arrangements to Borrow, including guidelines and criteria governing the use of its resources; the countries that have made commitments to contribute to the New Arrangements to Borrow and the amount of such commitments; and the steps taken by the United States to expand the number of countries so the United States share of the expanded New Arrangements to Borrow remains not greater than 20 percent, which approximates the United States share as of June 24, 2009: Provided further, That any loan under the authority granted in this subsection shall be made with due regard to the present and prospective balance of payments and reserve position of the United States.
(3) In order to carry out the purposes of a one-time decision of the Executive Directors of the International Monetary Fund (the Fund) to expand the resources of the New Arrangements to Borrow, established pursuant to the decision of January 27, 1997, referred to in paragraph (1), the Secretary of the Treasury is authorized to make loans, in an amount not to exceed the dollar equivalent of 28,202,470,000 of Special Drawing Rights, in addition to any amounts previously authorized under this section, except that prior to activation of the New Arrangements to Borrow, the Secretary of the Treasury shall report to Congress whether supplementary resources are needed to forestall or cope with an impairment of the international monetary system and whether the Fund has fully explored other means of funding to the Fund.
(4) The authority to make loans under this section shall expire on the date that is 5 years after December 16, 2009, unless the Secretary of the Treasury, not later than 60 days before such expiration date or 60 days prior to the renewal of the decision governing the New Arrangements to Borrow (NAB), whichever occurs first, certifies to the appropriate congressional committees, that—
(A) no amendments made, or anticipated to be made, to the NAB to achieve an expanded and more flexible NAB, as described in paragraph 17 of the G20 Leaders’ Statement at the 2009 London Summit, will impair the ability of the Secretary of the Treasury to consider a renewal of the NAB decision at intervals no greater than 5 years and to withdraw the adherence of the United States to the NAB decision as is currently provided under paragraph 19 of the New Arrangement to Borrow, adopted by the Executive Board of the International Monetary Fund (IMF) on January 27, 1997; and
(B)
(i) the IMF will borrow resources from members under the NAB only when quota resources need to be supplemented in order to forestall or cope with an impairment of the international monetary system or to deal with an exceptional situation that poses a threat to the stability of that system;
(ii) the IMF has, prior to any activation of the NAB, fully explored other means of funding to supplement any potential shortfall in quota resources necessary to forestall or cope with an impairment of the international monetary system or to deal with an exceptional situation that poses a threat to the stability of that system; or
(iii) it is in the United States’ strategic economic interest to maintain the relative size or lower of the United States contribution to the NAB as in effect on the date of the certification.
(5) Not later than 15 days before submitting the certification under paragraph (4), the Secretary of the Treasury shall consult with the appropriate congressional committees regarding such certification.
(6) The authority to make loans under this section shall expire on December 31, 2030.
(b) Authorization of appropriations; repayments available for loans to Fund
(1) For the purpose of making loans to the International Monetary Fund pursuant to subsection (a)(1) of this section, there is authorized to be appropriated 6,712,000,000 Special Drawing Rights, except that prior to activation, the Secretary of the Treasury shall certify whether supplementary resources are needed to forestall or cope with an impairment of the international monetary system and that the Fund has fully explored other means of funding, to remain available until expended to meet calls by the International Monetary Fund. Any payments made to the United States by the International Monetary Fund as a repayment on account of the principal of a loan made under this section shall continue to be available for loans to the International Monetary Fund, only to the extent that amounts available for such loans are not rescinded by an Act of Congress.
(2) For the purpose of making loans to the International Monetary Fund pursuant to subsection (a)(2) of this section, there is hereby authorized to be appropriated not to exceed the dollar equivalent of 75,000,000,000 Special Drawing Rights, in addition to any amounts previously authorized under this section, except that prior to activation, the Secretary of the Treasury shall report to Congress on whether supplementary resources are needed to forestall or cope with an impairment of the international monetary system and whether the Fund has fully explored other means of funding, to remain available until expended to meet calls by the Fund. Any payments made to the United States by the Fund as a repayment on account of the principal of a loan made under this section shall continue to be available for loans to the Fund, only to the extent that amounts available for such loans are not rescinded by an Act of Congress.
(c) Interest and charges covered into Treasury; additional authorization of appropriations for payment of charges for purchase of currencies or gold from Fund
(d) Amendment to Executive Directors’ decision prohibited; conditions
(e) New requirement for activation of the new arrangements to borrow
(1) The Secretary of the Treasury shall include in the certification and report required by paragraphs (a)(1), (a)(2), (a)(3), (b)(1), and (b)(2) of this section prior to activation an additional certification and report that—
(A) the one-year forward commitment capacity of the IMF (excluding borrowed resources) is expected to fall below 100,000,000,000 Special Drawing Rights during the period of the NAB activation; and
(B) activation of the NAB is in the United States strategic economic interest with the reasons and analysis for that determination.
(2) Prior to submitting any certification and report required by paragraphs (a)(1), (a)(2), (b)(1), and (b)(2) of this section, the Secretary of the Treasury shall consult with the appropriate congressional committees.
(f) Appropriate congressional committees, defined
(July 31, 1945, ch. 339, § 17, as added Pub. L. 87–490, § 1, June 19, 1962, 76 Stat. 105; amended Pub. L. 94–564, § 4, Oct. 19, 1976, 90 Stat. 2661; Pub. L. 98–181, title I [title VIII, § 802(a)(1)–(3)], Nov. 30, 1983, 97 Stat. 1268; Pub. L. 105–277, div. A, § 101(d) [title VI, § 609], Oct. 21, 1998, 112 Stat. 2681–150, 2681–224; Pub. L. 111–32, title XIV, § 1401, June 24, 2009, 123 Stat. 1916; Pub. L. 111–117, div. F, title VII, § 7090(b), (c), Dec. 16, 2009, 123 Stat. 3406; Pub. L. 114–113, div. K, title IX, § 9001, Dec. 18, 2015, 129 Stat. 2829; Pub. L. 116–136, div. B, title XI, § 21012(b)(5)(A), Mar. 27, 2020, 134 Stat. 595; Pub. L. 118–47, div. F, title VII, § 7071(e)(1), Mar. 23, 2024, 138 Stat. 852.)

CITE AS: 22 USC 286e-2

§ 286e–3. Transfers to stabilization fund of purchase of currencies or gold from International Monetary Fund; administration; utilization of fund resources for repayments

Any purchases of currencies or gold by the United States from the International Monetary Fund may be transferred to and administered by the fund established by section 5302 of title 31, for use in accordance with the provisions of that section. The Secretary of the Treasury is authorized to utilize the resources of that fund for the purpose of any repayments in connection with such transactions.

(July 31, 1945, ch. 339, § 18, as added Pub. L. 87–490, § 1, June 19, 1962, 76 Stat. 105.)

CITE AS: 22 USC 286e-3

§ 286e–4. Loans to International Finance Corporation; amendment to Articles of Agreement

The United States Governor of the Bank is authorized to agree to an amendment to the articles of agreement of the Bank to permit the Bank to make, participate in, or guarantee loans to the International Finance Corporation for use in the lending operations of the latter.

(July 31, 1945, ch. 339, § 21, as added Pub. L. 89–126, § 1(3), Aug. 14, 1965, 79 Stat. 519.)

CITE AS: 22 USC 286e-4

§ 286e–5. Amendments to Articles of Agreement

The United States Governor of the Fund is authorized to accept the amendments to the Articles of Agreement of the Fund approved in resolution numbered 31–4 of the Board of Governors of the Fund.

(July 31, 1945, ch. 339, § 24, as added Pub. L. 94–564, § 1, Oct. 19, 1976, 90 Stat. 2660.)

CITE AS: 22 USC 286e-5

§ 286e–5a. Additional amendments to Articles of Agreement

The United States Governor of the Bank is hereby authorized to agree to and to accept the amendment to the Articles of Agreement in the proposed resolution entitled “Amendment to the Articles of Agreement of the Bank”, forwarded to the United States on February 27, 1987.

(July 31, 1945, ch. 339, § 52, as added Pub. L. 100–202, § 101(e) [title I], Dec. 22, 1987, 101 Stat. 1329–131, 1329–134.)

CITE AS: 22 USC 286e-5a

§ 286e–5b. Acceptance of amendments to Articles of Agreement of the Fund approved on June 28, 1990

The United States Governor of the Fund may agree to and accept the amendments to the Articles of Agreement of the Fund as proposed in the resolution numbered 45–3 of the Board of Governors of the Fund that was approved by such Board on June 28, 1990.

(July 31, 1945, ch. 339, § 57, as added Pub. L. 102–511, title X, § 1001, Oct. 24, 1992, 106 Stat. 3357.)

CITE AS: 22 USC 286e-5b

§ 286e–6. Vote against establishment of Council

The United States Governor of the Fund is directed to vote against the establishment of a Council authorized under Article XII, Section 1 of the Fund Articles of Agreement as amended, if under any circumstances the United States’ vote in the Council would be less than its weighted vote in the Fund.

(July 31, 1945, ch. 339, § 26, as added Pub. L. 94–564, § 1, Oct. 19, 1976, 90 Stat. 2660.)

CITE AS: 22 USC 286e-6

§ 286e–7. Supplementary Financing Facility
(a) Availability of resources
(b) Adjustments in the value of monetary assets
(c) Authorization of appropriations
(July 31, 1945, ch. 339, § 28, as added Pub. L. 95–435, § 1, Oct. 10, 1978, 92 Stat. 1051.)

CITE AS: 22 USC 286e-7

§ 286e–8. Treatment of creditors in debt rescheduling

The Secretary of the Treasury shall instruct the United States executive director to seek to assure that no decision by the International Monetary Fund undermines or departs from United States policy regarding the comparability of treatment of public and private creditors in cases of debt rescheduling where official United States credits are involved.

(July 31, 1945, ch. 339, § 29, as added Pub. L. 95–435, § 3, Oct. 10, 1978, 92 Stat. 1052; amended Pub. L. 96–389, § 5, Oct. 7, 1980, 94 Stat. 1554.)

CITE AS: 22 USC 286e-8

§ 286e–9. Stabilization programs

The Secretary of the Treasury shall instruct the United States executive director on the Executive Board of the International Monetary Fund to initiate a wide consultation with the managing director of the Fund and other member country executive directors with regard to encouraging the staff of the Fund to formulate stabilization programs which, to the maximum feasible extent, foster a broader base of productive investment and employment, especially in those productive activities which are designed to meet basic human needs.

(July 31, 1945, ch. 339, § 30, as added Pub. L. 95–435, § 4, Oct. 10, 1978, 92 Stat. 1052; amended Pub. L. 96–389, § 2(b), Oct. 7, 1980, 94 Stat. 1553; Pub. L. 101–240, title V, § 541(d)(1), (f)(2), Dec. 19, 1989, 103 Stat. 2518, 2519.)

CITE AS: 22 USC 286e-9

§ 286e–10. Repealed. Pub. L. 97–35, title XIII, § 1371(a)(1), Aug. 13, 1981, 95 Stat. 746

CITE AS: 22 USC 286e-10

§ 286e–11. Assistance by the Fund to any country harboring international terrorists
The Secretary of the Treasury shall instruct the Executive Director of the United States to the International Monetary Fund to work in opposition to any extension of financial or technical assistance by the Supplemental Financing Facility or by any other agency or facility of such Fund to any country the government of which—
(1) permits entry into the territory of such country to any person who has committed an act of international terrorism, including any act of aircraft hijacking, or otherwise supports, encourages, or harbors such person; or
(2) fails to take appropriate measures to prevent any such person from committing any such act outside the territory of such country.
(Pub. L. 95–435, § 6, Oct. 10, 1978, 92 Stat. 1053.)

CITE AS: 22 USC 286e-11

§ 286e–12. Contribution to Interest Subsidy Account of Enhanced Structural Adjustment Facility of International Monetary Fund
(a) Contribution authorized
(1) In general
(2) Condition
(b) Limitation on authorization of appropriations
(July 31, 1945, ch. 339, § 54, as added Pub. L. 101–240, title III, § 301, Dec. 19, 1989, 103 Stat. 2500.)

CITE AS: 22 USC 286e-12

§ 286e–13. Approval of fund pledge to sell gold to provide resources for Reserve Account of Enhanced Structural Adjustment Facility Trust

The Secretary of the Treasury is authorized to instruct the United States Executive Director of the Fund to vote to approve the Fund’s pledge to sell, if needed, up to 3,000,000 ounces of the Fund’s gold, to restore the resources of the Reserve Account of the Enhanced Structural Adjustment Facility Trust to a level that would be sufficient to meet obligations of the Trust payable to lenders which have made loans to the Loan Account of the Trust that have been used for the purpose of financing programs to Fund members previously in arrears to the Fund.

(July 31, 1945, ch. 339, § 58, as added Pub. L. 102–511, title X, § 1001, Oct. 24, 1992, 106 Stat. 3357.)

CITE AS: 22 USC 286e-13

§ 286f. Obtaining and furnishing information to the Fund
(a) Required disclosure
(b) Penalty for refusal
(c) Penalty for unlawful disclosures
(d) “Person” defined
(July 31, 1945, ch. 339, § 8, 59 Stat. 515.)

CITE AS: 22 USC 286f

§ 286g. Jurisdiction and venue of actions

For the purpose of any action which may be brought within the United States or its Territories or possessions by or against the Fund or the Bank in accordance with the Articles of Agreement of the Fund or the Articles of Agreement of the Bank, the Fund or the Bank, as the case may be, shall be deemed to be an inhabitant of the Federal judicial district in which its principal office in the United States is located, and any such action at law or in equity to which either the Fund or the Bank shall be a party shall be deemed to arise under the laws of the United States, and the district courts of the United States shall have original jurisdiction of any such action. When either the Fund or the Bank is a defendant in any such action, it may, at any time before the trial thereof, remove such action from a State court into the district court of the United States for the proper district by following the procedure for removal of causes otherwise provided by law.

(July 31, 1945, ch. 339, § 10, 59 Stat. 516.)

CITE AS: 22 USC 286g

§ 286h. Status, privileges, and immunities of the United States

The provisions of article IX, sections 2 to 9, both inclusive, and the first sentence of article VIII, section 2(b), of the Articles of Agreement of the Fund, and the provisions of article VI, section 5(i), and article VII, sections 2 to 9, both inclusive, of the Articles of Agreement of the Bank, shall have full force and effect in the United States and its Territories and possessions upon acceptance of membership by the United States in, and the establishment of, the Fund and the Bank, respectively.

(July 31, 1945, ch. 339, § 11, 59 Stat. 516.)

CITE AS: 22 USC 286h

§ 286i. Stabilization loans by Bank; amendment to Articles of Agreement

The governor and executive director of the Bank appointed by the United States are directed to obtain promptly an official interpretation by the Bank as to its authority to make or guarantee loans for programs of economic reconstruction and the reconstruction of monetary systems, including long-term stabilization loans. If the Bank does not interpret its powers to include the making or guaranteeing of such loans, the governor of the Bank representing the United States is directed to propose promptly and support an amendment to the Articles of Agreement for the purpose of explicitly authorizing the Bank, after consultation with the Fund, to make or guarantee such loans. The President is authorized and directed to accept an amendment to that effect on behalf of the United States.

(July 31, 1945, ch. 339, § 12, 59 Stat. 516.)

CITE AS: 22 USC 286i

§ 286j. Use of Fund resources
(a) Official interpretation of authority of Fund
(b) Proposal of amendment
(July 31, 1945, ch. 339, § 13, 59 Stat. 517.)

CITE AS: 22 USC 286j

§ 286k. Further promotion of international economic relations
(a) Congressional declaration of policy
(b) Transmittal of information to Congressional committees
(July 31, 1945, ch. 339, § 14, 59 Stat. 517; Pub. L. 95–147, § 4(a)(2), Oct. 28, 1977, 91 Stat. 1228.)

CITE AS: 22 USC 286k

§ 286k–1. Securities issued by Bank as exempt securities; reports filed with Security and Exchange Commission
(a) Any securities issued by International Bank for Reconstruction and Development (including any guaranty by the bank, whether or not limited in scope), and any securities guaranteed by the bank as to both principal and interest, shall be deemed to be exempted securities within the meaning of subsection (a)(2) of section 77c of title 15, and subsection (a)(12) of section 78c of title 15. The bank shall file with the Securities and Exchange Commission such annual and other reports with regard to such securities as the Commission shall determine to be appropriate in view of the special character of the bank and its operations and necessary in the public interest or for the protection of investors.
(b) Repealed. Pub. L. 101–240, title V, § 541(d)(1), Dec. 19, 1989, 103 Stat. 2518.
(July 31, 1945, ch. 339, § 15, as added June 29, 1949, ch. 276, § 2, 63 Stat. 298; amended Pub. L. 101–240, title V, § 541(d)(1), Dec. 19, 1989, 103 Stat. 2518.)

CITE AS: 22 USC 286k-1

§ 286k–2. Suspension of right of International Bank to issue securities under section 286k–1; report of Securities and Exchange Commission

The Securities and Exchange Commission acting in consultation with the National Advisory Council on International Monetary and Financial Problems is authorized to suspend the provisions of section 286k–1 (a) of this title at any time as to any or all securities issued or guaranteed by the bank during the period of such suspension. The Commission shall include in its annual reports to Congress such information as it shall deem advisable with regard to the operations and effect of this section, and section 286k–1 of this title and section 24 of title 12 and in connection therewith shall include any views submitted for such purpose by any association of dealers registered with the Commission.

(June 29, 1949, ch. 276, § 3, 63 Stat. 299.)

CITE AS: 22 USC 286k-2

§ 286l. British loan; authorization to Secretary of the Treasury to carry out agreement

The Secretary of the Treasury, in consultation with the National Advisory Council on International Monetary and Financial Problems, is authorized to carry out the agreement dated December 6, 1945, between the United States and the United Kingdom which was transmitted by the President to the Congress on January 30, 1946, and the action of the Secretary of the Treasury in signing the agreement dated March 6, 1957, amending said agreement is approved.

(July 15, 1946, ch. 577, § 1, 60 Stat. 535; Pub. L. 85–21, Apr. 20, 1957, 71 Stat. 17.)

CITE AS: 22 USC 286l

§ 286m. Amount of loan; public-debt transaction; disposition of interest payments

For the purpose of carrying out the agreement dated December 6, 1945, between the United States and the United Kingdom, the Secretary of the Treasury is authorized to use as a public-debt transaction not to exceed $3,750,000,000 of the proceeds of any securities issued after July 15, 1946, under chapter 31 of title 31, and the purposes for which securities may be issued under that chapter are extended to include such purpose. Payments to the United Kingdom under this section and section 286l of this title and pursuant to the agreement and repayments thereof shall be treated as public-debt transactions of the United States. Payments of interest to the United States under the agreement shall be covered into the Treasury as miscellaneous receipts.

(July 15, 1946, ch. 577, § 2, 60 Stat. 535.)

CITE AS: 22 USC 286m

§ 286n. Special Drawing Rights

The President is hereby authorized (a) to accept the amendment to the articles of agreement of the International Monetary Fund (hereinafter referred to as the “Fund”), attached to the April 1968 report by the Executive Directors to the Board of Governors of the Fund, for the purpose of (i) establishing a facility based on Special Drawing Rights in the Fund and (ii) giving effect to certain modifications in the present rules and practices of the Fund, and (b) to participate in the special drawing account established by the amendment.

(Pub. L. 90–349, § 2, June 19, 1968, 82 Stat. 188.)

CITE AS: 22 USC 286n

§ 286o. Administration as part of the Exchange Stabilization Fund
(a) Special Drawing Rights
(b) Deposit in and withdrawal from Fund
(Pub. L. 90–349, § 3, June 19, 1968, 82 Stat. 188; Pub. L. 94–564, § 5(1), (2), Oct. 19, 1976, 90 Stat. 2661.)

CITE AS: 22 USC 286o

§ 286p. Issuance, purpose, and redemption of Special Drawing Rights certificates
(a) The Secretary of the Treasury is authorized to issue to the Federal Reserve banks, and such banks shall purchase, Special Drawing Right certificates in such form and in such denominations as he may determine, against any Special Drawing Rights held to the credit of the Exchange Stabilization Fund. Such certificates shall be issued and remain outstanding only for the purpose of financing the acquisition of Special Drawing Rights or for financing exchange stabilization operations. The amount of Special Drawing Right certificates issued and outstanding shall at no time exceed the value of the Special Drawing Rights held against the Special Drawing Right certificates. The proceeds resulting from the issuance of Special Drawing Right certificates shall be covered into the Exchange Stabilization Fund.
(b) Special Drawing Right certificates owned by the Federal Reserve banks shall be redeemed from the resources of the Exchange Stabilization Fund at such times and in such amounts as the Secretary of the Treasury may determine.
(Pub. L. 90–349, § 4, June 19, 1968, 82 Stat. 188.)

CITE AS: 22 USC 286p

§ 286q. Limitation on allocations to the United States
(a) Unless Congress by law authorizes such action, neither the President nor any person or agency shall on behalf of the United States vote to allocate in each basic period Special Drawing Rights under article XVIII, sections 2 and 3, of the Articles of Agreement of the Fund so that allocations to the United States in that period exceed an amount equal to the United States quota in the Fund as authorized under the Bretton Woods Agreements Act [22 U.S.C. 286 et seq.].
(b)
(1) Neither the President nor any person or agency shall on behalf of the United States vote to allocate Special Drawing Rights under article XVIII, sections 2 and 3, of the Articles of Agreement of the Fund without consultations by the Secretary of the Treasury at least 90 days prior to any such vote, with the Chairman and ranking minority members of the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the appropriate subcommittees thereof.
(2) Such consultations shall include an explanation of the consistency of such proposal to allocate with the requirements of the Articles of Agreement of the Fund, in particular the requirement that in all its decisions with respect to allocation of Special Drawing Rights, the Fund shall “seek to meet the long-term global need, as and when it arises, to supplement existing reserve assets in such manner as will promote the attainment of its purposes and will avoid economic stagnation and deflation as well as excess demand and inflation in the world”.
(3) Unless Congress by law authorizes such action, neither the President nor any person or agency shall on behalf of the United States engage in any voluntary transaction involving the exchange of Special Drawing Rights that are held by a member country of the Fund, if the Secretary of State has found that the government of the member country—
(A) has committed genocide at any time during the 1-year period ending with the date of the transaction; or
(B) has repeatedly provided support for acts of international terrorism.
(4) The Secretary of the Treasury shall direct the United States Executive Director at each international financial institution (as defined in section 262r(c)(2) of this title) to use the voice and vote of the United States to—
(A) oppose the provision of financial assistance to any government with respect to which the Secretary of State has made a finding described in paragraph (3); and
(B) seek to ensure that the member countries of the institution do not engage in voluntary transactions involving the exchange of Special Drawing Rights held by such a government.
(5)The President may waive paragraphs (3) and (4) on a case-by-case basis if the President reports to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate that the waiver is in the national interest of the United States, and includes a detailed explanation of the reasons therefor.
(Pub. L. 90–349, § 6, June 19, 1968, 82 Stat. 189; Pub. L. 91–599, ch. 1, § 2, Dec. 30, 1970, 84 Stat. 1657; Pub. L. 94–564, § 5(3), Oct. 19, 1976, 90 Stat. 2661; Pub. L. 98–181, title I [title VIII, § 803], Nov. 30, 1983, 97 Stat. 1270; Pub. L. 118–47, div. F, title VII, § 7071(a), (b), Mar. 23, 2024, 138 Stat. 850, 851.)

CITE AS: 22 USC 286q

§ 286r. United States participation in special drawing account

The provisions of article XXI(b) of the Articles of Agreement of the Fund shall have full force and effect in the United States and its territories and possessions when the United States becomes a participant in the special drawing account.

(Pub. L. 90–349, § 7, June 19, 1968, 82 Stat. 189; Pub. L. 94–564, § 5(4), Oct. 19, 1976, 90 Stat. 2661.)

CITE AS: 22 USC 286r

§ 286s. Consideration of basic human needs in economic adjustment programs supported by Fund
(a) Formulation and design of programs
(b) Changes in Fund guidelines, policies, and decisions; review prior to approval of standby arrangements; coordination among institutions; coordination between Fund and Bank; periodic analysesTo ensure the effectiveness of economic adjustment programs supported by Fund resources and the reinforcement of those programs by longer term efforts to promote sustained growth and improved living conditions—
(1) United States representatives to the Fund shall recommend and shall work for changes in Fund guidelines, policies, and decisions that would—
(A) permit stand-by arrangements to be extended beyond three years, as necessary to enable Fund members to implement their economic adjustment programs successfully;
(B) provide that in approving any economic adjustment program the Fund shall take into account the effect such program will have on jobs, investment, real per capita income, the gap in wealth between the rich and poor, and social programs such as health, housing, and education, in order to seek to minimize the adverse impact of those adjustment programs on basic human needs; and
(C) provide that letters of intent submitted to the Fund in support of an economic adjustment program reflect that the member country has taken into account the effect such program will have on the factors listed in subparagraph (B);
(2)
(A) before voting on the approval of any standby arrangement with respect to any economic adjustment program, the United States Executive Director shall review—
(i) any analysis of factors prepared by the Fund or the member country in accordance with subparagraphs (B) and (C) of paragraph (1), or
(ii) if no such analysis is prepared and available for such review, an analysis which shall be prepared by the United States Governor of the Fund which examines the effect of the program on the factors listed in subparagraph (B) of paragraph (1); and
(B) the United States Executive Director of the Fund shall take into account the analysis reviewed pursuant to subparagraph (A) of this paragraph in voting on approval of that standby arrangement;
(3) United States representatives to the Fund, to the Bank, and to other appropriate institutions shall work toward improving coordination among these institutions and, in particular, shall work toward formulation of programs in association with economic adjustment programs supported by Fund resources which (A) will, among other things, promote employment, investment, real income per capita, improvements in income distribution, and the objectives of social programs such as health, housing, and education, and (B) will, to the maximum extent feasible and consistent with the borrowing country’s need to improve its balance of payments position within a reasonable period, ameliorate any adverse effects of economic adjustment programs on the poor;
(4) United States representatives to the Fund and the Bank shall seek amendments to decisions on policies on the use of Fund and Bank resources to provide that, where countries are seeking Extended Fund Facility or upper credit tranche drawings from the Fund and are eligible to receive financing from the Bank, the Fund and Bank will coordinate their financing activities in order—
(A) to take into account the effects of economic adjustment programs on the areas listed in clause (A) of paragraph (3),
(B) to provide, to the extent feasible, Bank project loans designed to safeguard and further basic human needs in countries adopting economic adjustment programs supported by Fund resources, and
(C) to provide, as appropriate, Bank financing for programs of structural adjustment that will facilitate development of a productive economic base and greater attainment of basic human needs objectives over the longer term; and
(5) United States representatives to the Fund and the Bank shall request the Fund and the Bank to provide periodic analyses of the effects of economic adjustment programs supported by Fund or Bank financing on jobs, investment, real income per capita, income distribution, and social programs such as health, housing, and education.
(July 31, 1945, ch. 339, § 33, as added Pub. L. 96–389, § 2(a), Oct. 7, 1980, 94 Stat. 1551; amended Pub. L. 101–240, title V, § 541(d)(1), Dec. 19, 1989, 103 Stat. 2518.)

CITE AS: 22 USC 286s

§ 286t. Omitted

CITE AS: 22 USC 286t

§ 286u. Dollar-Special Drawing Rights substitution account

It is the sense of the Congress that the Secretary of the Treasury and the United States Executive Director of the Fund shall encourage member countries of the Fund to negotiate a dollar-Special Drawing Rights substitution account in which equitable burden sharing would exist among participants in the account.

(July 31, 1945, ch. 339, § 35, as added Pub. L. 96–389, § 4(b), Oct. 7, 1980, 94 Stat. 1554; amended Pub. L. 97–35, title XIII, § 1371(a)(2), Aug. 13, 1981, 95 Stat. 746.)

CITE AS: 22 USC 286u

§ 286v. Membership for Taiwan in Fund

It is the sense of the Congress that it is the policy of the United States that Taiwan (before January 1, 1979, known as the Republic of China) shall be granted appropriate membership in the Fund and that the United States Executive Director of the Fund shall so notify the Fund.

(July 31, 1945, ch. 339, § 36, as added Pub. L. 96–389, § 6, Oct. 7, 1980, 94 Stat. 1554.)

CITE AS: 22 USC 286v

§ 286w. Denial of membership or other status in Fund for Palestine Liberation Organization; United States participation in Fund if membership or other status granted; report by President to Congress

It is the policy of the United States that the Palestine Liberation Organization should not be given membership in the Fund or be given observer status or any other official status at any meeting sponsored by or associated with the Fund. The United States Executive Director of the Fund shall promptly notify the Fund of such policy.

In the event that the Fund provides either membership, observer status, or any other official status to the Palestine Liberation Organization, such action would result in a serious diminution of United States support. Upon review of such action, the President would be required to report his recommendations to the Congress with regard to any further United States participation in the Fund.

(July 31, 1945, ch. 339, § 37, as added Pub. L. 96–389, § 7, Oct. 7, 1980, 94 Stat. 1554.)

CITE AS: 22 USC 286w

§ 286x. Assistance to private sector of El Salvador, Nicaragua, and other nations

It is the sense of the Congress that in providing assistance through loans or other means to any nation, in particular El Salvador and Nicaragua, the Fund and the Bank should encourage programs which assist the private sector to create an environment which will stabilize the economy of the nation; and that the United States representatives to the Fund and the Bank shall promote the use of assistance by the Fund and the Bank to encourage such programs.

(July 31, 1945, ch. 339, § 38, as added Pub. L. 96–389, § 8, Oct. 7, 1980, 94 Stat. 1554.)

CITE AS: 22 USC 286x

§ 286y. Promoting conditions for exchange rate stability
(a) In order to help assure that the resources provided under section 286e–1i of this title are used to support pro-growth policies which will help establish the economic conditions necessary for more appropriate financial and exchange rate alignment and stability, it is the sense of Congress that the Secretary of the Treasury shall—
(1) in consultation with the Secretary of State and the United States Trade Representative, initiate discussions with other countries regarding the economic dislocations which result from structural exchange rate imbalances; and
(2) instruct the United States Executive Director of the Fund to work for adoption of policies in the Fund, both within the framework of article IV (of the Articles of Agreement of the Fund) consultations and with respect to the conditions associated with Fund-supported balance of payments adjustments programs, which promote conditions contributing to the stability of exchange rates and avoid the manipulation of exchange rates between major currencies. Among other initiatives, the Secretary of the Treasury shall propose strengthening the article IV consultation procedures of the Fund to attempt to ensure that countries which are artificially maintaining undervalued or overvalued rates of exchange agree to adopt market determined exchange rates.
(b) In determining his vote on extensions of assistance to any Fund borrower, the United States Executive Director of the Fund shall take into account whether such borrower’s policies are consistent with the requirements of article IV of the Articles of Agreement of the Fund.
(July 31, 1945, ch. 339, § 40, as added Pub. L. 98–181, title I [title VIII, § 801], Nov. 30, 1983, 97 Stat. 1267.)

CITE AS: 22 USC 286y

§ 286z. Collection and exchange of information on monetary and financial problems
(a) Sense of CongressIt is the sense of the Congress that—
(1) the lack of sufficient information currently available to allow members of the Fund to make sound and prudent decisions concerning their public and private sector international borrowing, and to allow lenders to make sound and prudent decisions concerning their international lending, threatens the stability of the international monetary system; and
(2) in recognition of the Fund’s duties, as provided particularly by article VIII of the Articles of Agreement of the Fund, to act as a center for the collection and exchange of information on monetary and financial problems, the Fund should adopt necessary and appropriate measures to ensure that more complete and timely financial information will be available.
(b) Initiation by United States Executive Director of discussions with other Directors; adoption of proceduresTo this end, the Secretary of the Treasury shall instruct the United States Executive Director of the Fund to initiate discussions with other directors of the Fund and with Fund management, and to propose and vote for, the adoption of procedures, within the Fund—
(1) to collect and disseminate information, on a quarterly basis, from and to Fund members, and to such other persons as the Fund deems appropriate, concerning—
(A) the extension of credit by banks or nonbanks to private and public entities, including all government entities, instrumentalities, and central banks of member countries; and
(B) the receipt of such credit by those private and public entities of member countries, where such banks or nonbanks are not principally established within the borders of the member country to which the credits are extended; and
(2) to disseminate publicly information which is developed in the course of the Fund’s collection, and to review and comment on efforts which the Fund determines would serve to enhance the informational base upon which international borrowing and lending decisions are taken.
(c) “Credit” definedFor purposes of this section, the term “credit” includes—
(1) outstanding loans to private and public entities, including government entities, instrumentalities, and central banks of any member, and
(2) unused lines of credit which have been made available to those private and public entities of any member,
where such loans or lines of credit are repayable in freely convertible currency.
(d) Providing necessary information
(July 31, 1945, ch. 339, § 42, as added Pub. L. 98–181, title I [title VIII, § 802(a)(4)], Nov. 30, 1983, 97 Stat. 1269.)

CITE AS: 22 USC 286z

§ 286aa. Instructions to United States Executive Director; Communist dictatorships
The Congress hereby finds that Communist dictatorships result in severe constraints on labor and capital mobility and other highly inefficient labor and capital supply rigidities which contribute to balance of payments deficits in direct contradiction of the goals of the International Monetary Fund. Therefore, the Secretary of the Treasury shall instruct the United States Executive Director of the Fund to actively oppose any facility involving use of Fund credit by any Communist dictatorship, unless the Secretary of the Treasury certifies and documents in writing upon request and so notifies and appears, if requested, before the Foreign Relations and Banking, Housing, and Urban Affairs Committees of the Senate and the Banking, Finance and Urban Affairs Committee of the House of Representatives, at least twenty-one days in advance of any vote on such drawing that such drawing—
(1) provides the basis for correcting the balance of payments difficulties and restoring a sustainable balance of payments position;
(2) would reduce the severe constraints on labor and capital mobility or other highly inefficient labor and capital supply rigidities and advances market-oriented forces in that country; and
(3) is in the best economic interest of the majority of the people in that country.
Should the Secretary not meet a request to appear before the aforementioned committees at least twenty-one days in advance of any vote on any facility involving use of Fund credit by any communist dictatorship and certify and document in writing that these three conditions have been met, the United States Executive Director shall vote against such program.
(July 31, 1945, ch. 339, § 43, as added Pub. L. 98–181, title I [title VIII, § 804], Nov. 30, 1983, 97 Stat. 1270; amended Pub. L. 103–149, § 4(b)(6), Nov. 23, 1993, 107 Stat. 1505.)

CITE AS: 22 USC 286aa

§ 286bb. Elimination of predatory agricultural export subsidies

The Secretary of the Treasury shall instruct the United States Executive Director of the Fund to propose and work for the adoption of a policy encouraging Fund members to eliminate all predatory agricultural export subsidies which might result in the reduction of other member countries’ exports.

(July 31, 1945, ch. 339, § 44, as added Pub. L. 98–181, title I [title VIII, § 805], Nov. 30, 1983, 97 Stat. 1271.)

CITE AS: 22 USC 286bb

§ 286cc. Sustaining economic growth
(a) Economic adjustment programs
(1) The President shall instruct the Secretary of the Treasury, the Secretary of State, and other appropriate Federal officials, and shall request the Chairman of the Board of Governors of the Federal Reserve System, to use all appropriate means to encourage countries to formulate economic adjustment programs to deal with their balance of payment difficulties and external debt owed to private banks.
(2) Such economic adjustment programs should be designed to safeguard, to the maximum extent feasible, international economic growth, world trade, employment, and the long-term solvency of banks, and to minimize the likelihood of civil disturbances in countries needing economic adjustment programs.
(b) Changes in Fund guidelines; limitations on debt service exceptionsTo ensure the effectiveness of economic adjustment programs supported by Fund resources—
(1) the United States Executive Director of the Fund shall recommend and shall work for changes in Fund guidelines, policies, and decisions which would—
(A) convert short-term bank debt which was made at high interest rates into long-term debt at lower rates of interest;
(B) assure that the annual external debt service, which shall include principal, interest, points, fees, and other charges required of the country involved, is a manageable and prudent percentage of the projected annual export earnings of such country; and
(C) provide that in approving any economic adjustment program the Fund shall take into account the number of countries applying to the Fund for economic adjustment programs and the aggregate effects that such programs will have on international economic growth, world trade, exports and employment of other member countries, and the long-term solvency of banks; and
(2) except as provided in subsection (c) of this section, the United States Executive Director of the Fund shall oppose and vote against providing assistance from the Fund for any economic adjustment program for a country in which the annual external debt service exceeds 85 per centum of the annual export earnings of such country, unless the Secretary of the Treasury first determines and provides written documentation to the Committee on Banking, Housing, and Urban Affairs and the Committee on Foreign Relations of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives that—
(A) the economic adjustment program converts high interest rate, short-term bank debt into long-term debt at significantly narrower interest rate spreads than the average interest rate spreads prevailing on bank debt reschedulings negotiated between August 1982 and August 1983 for countries receiving assistance from the Fund for economic adjustment programs in order to minimize the burdens of adjustment on the debtor nation, provided that such interest rate spreads are consistent with that nation’s need to obtain adequate external private financing;
(B) the annual external debt service required of the country involved is a manageable and prudent percentage of the projected annual export earnings of such country; and
(C) the economic adjustment program will not have an adverse impact on international economic growth, world trade, exports, and employment of other member countries, and the long-term solvency of banks.
(c) Emergencies and extraordinary circumstancesThe provisions of subsection (b)(2) shall not apply in any case in which the Secretary of the Treasury first determines and provides written documentation to the Committee on Banking, Housing, and Urban Affairs and the Committee on Foreign Relations of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives that—
(1) an emergency exists in a nation that has applied to the Fund for assistance that requires an immediate short-term loan to avoid disrupting orderly financial markets;
(2) a sudden decrease in export earnings in the country applying to the Fund for assistance has increased the ratio of annual external debt service to annual export earnings, to greater than 85 per centum for a period projected to be no more than one year; or
(3) other extraordinary circumstances exist which warrant waiving the provisions of subsection (b)(2).
(July 31, 1945, ch. 339, § 45, as added Pub. L. 98–181, title I [title VIII, § 806], Nov. 30, 1983, 97 Stat. 1272.)

CITE AS: 22 USC 286cc

§ 286dd. Fund bailouts of banks; rescheduling of debt
The Secretary of the Treasury shall instruct the United States Executive Director of the Fund—
(1) to oppose and vote against any Fund drawing by a member country where, in his judgment, the Fund resources would be drawn principally for the purpose of repaying loans which have been imprudently made by banking institutions to the member country; and
(2) to work to insure that the Fund encourages borrowing countries and banking institutions to negotiate, where appropriate, a rescheduling of debt which is consistent with safe and sound banking practices and the country’s ability to pay.
(July 31, 1945, ch. 339, § 46, as added Pub. L. 98–181, title I [title VIII, § 807], Nov. 30, 1983, 97 Stat. 1273.)

CITE AS: 22 USC 286dd

§ 286ee. International cooperationThe Secretary of the Treasury shall instruct the United States Executive Director of the Fund to propose that the Fund adopt the following policies with respect to international lending:
(1) In its consultations with a member government on its economic policies pursuant to article IV of the Articles of Agreement of the Fund, the Fund should—
(A) intensify its examination of the trend and volume of external indebtedness of private and public borrowers in the member country and comment, as appropriate, in its report to the Executive Board from the viewpoint of the contribution of such borrowings to the economic stability of the borrower; and
(B) consider to what extent and in what form these comments might be made available to the international banking community and the public.
(2) As part of any Fund-approved stabilization program, the Fund should give consideration to placing limits on public sector external short- and long-term borrowing.
(3) As a part of its annual report, and at such times as it may consider desirable, the Fund should publish its evaluation of the trend and volume of international lending as it affects the economic situation of lenders, borrowers, and the smooth functioning of the international monetary system.
(July 31, 1945, ch. 339, § 47, as added Pub. L. 98–181, title I [title VIII, § 809], Nov. 30, 1983, 97 Stat. 1274.)

CITE AS: 22 USC 286ee

§ 286ff. Fund interest rates

The Secretary of the Treasury shall instruct the United States Executive Director of the Fund to propose and work for the adoption of Fund policies regarding the rate of remuneration paid on use of member’s quota subscriptions and the rate of charges on Fund drawings to bring those rates in line with market rates.

(July 31, 1945, ch. 339, § 48, as added Pub. L. 98–181, title I [title VIII, § 810], Nov. 30, 1983, 97 Stat. 1274.)

CITE AS: 22 USC 286ff

§ 286gg. Elimination of trade restrictions
(a) Promotion of fair trade as financial assistance policy
(1) The Secretary of the Treasury shall instruct the United States Executive Director of each of the multilateral development banks (in this section referred to as the “banks”) and of the Fund to initiate a wide consultation with the Managing Director of each of the banks and of the Fund and the other directors of the banks and of the Fund with regard to the development of financial assistance policies which, to the maximum feasible extent—
(A) reduce obstacles to and restrictions upon international trade and investment in goods and services;
(B) eliminate unfair trade and investment practices; and
(C) promote mutually advantageous economic relations.
(2) The Secretary of the Treasury shall work closely in this effort with the Trade Policy Committee.
(3) As part of this effort, the Secretary of the Treasury shall also instruct the United States Executive Director of each of the banks and of the Fund to encourage close cooperation between their staff and the Secretariat of the World Trade Organization (as the term “World Trade Organization” is defined in section 3501(8) of title 19).
(b) Agreement to eliminate unfair trade practices as condition of financial assistance
(1) The Secretary of the Treasury shall instruct the United States Executive Director of each of the banks and of the Fund, prior to the extension to any country of financial assistance by the banks and by the Fund, to work to have the banks and the Fund obtain the agreement of such country to eliminate, in a manner consistent with its balance of payments adjustment program, unfair trade and investment practices with respect to goods and services which the United States Trade Representative, after consultation with the Trade Policy Committee, has determined to have a significant deleterious effect on the international trading system.
(2) Such practices include—
(A) the provision of predatory export subsidies, employed in connection with the exporting of agricultural commodities and products thereof to foreign countries;
(B) the provision of other export subsidies, such as government subsidized below-market interest rate financing for commodities or manufactured goods;
(C) unreasonable import restrictions;
(D) the imposition of trade-related performance requirements on foreign investment; and
(E) practices which are inconsistent with international agreements.
(c) United States position on requests for loans or drawing under bank and Fund programs; progress made in eliminating unfair trade practices
(1) In determining the United States position on requests for loans or periodic drawing under bank and Fund programs, the Secretary of the Treasury shall take full account of the progress countries have made in achieving targets for eliminating or phasing out the practices referred to in subsection (b) of this section.
(2) In the event that the United States supports a request for loans or drawing by a country that has not achieved the bank and Fund targets relating to such practices specified in its program, the Secretary of the Treasury shall report to the appropriate committees of the Congress the reasons for the United States position.
(d) “Multilateral development banks” defined
(July 31, 1945, ch. 339, § 49, as added Pub. L. 98–181, title I [title VIII, § 812], Nov. 30, 1983, 97 Stat. 1275; amended Pub. L. 99–500, § 101(f) [title V, § 555], Oct. 18, 1986, 100 Stat. 1783–213, 1783–240, and Pub. L. 99–591, § 101(f) [title V, § 555], Oct. 30, 1986, 100 Stat. 3341–214, 3341–240; Pub. L. 106–36, title I, § 1002(c), June 25, 1999, 113 Stat. 133.)

CITE AS: 22 USC 286gg

§ 286hh. Policy based lending for debt reduction
(a) Criteria
The Secretary of the Treasury shall instruct the United States Executive Director of the International Bank for Reconstruction and Development to initiate discussions with other directors of such bank and to advocate and support the facilitation of voluntary market-based programs for the reduction of sovereign debt and the promotion of sustainable economic development, which, if implemented, would—
(1) not require any organization or government to participate in such a program;
(2) result in debt reduction for each participating country tailored to the particular situation of each country;
(3) provide assistance to participating countries conditioned on the implementation of economic reforms, and the preservation of economic reforms previously implemented, by the country that are consistent with the principles of sustainable development;
(4) encourage participating countries to make economic adjustments steadily and over a period of time in order to achieve policy reform;
(5) use debt reduction techniques that would not compensate commercial banks for the reduction in the value of such debt, but would serve as a catalyst for new lending;
(6) involve such bank in lending for purposes of debt reduction and conversion only where such involvement would not lower the credit-worthiness of such bank;
(7) not require public sector funding beyond that provided through any capital increase for such bank, and any replenishment for the International Development Association, which is agreed to by the member countries of such institutions; and
(8) accomplish debt reduction, not as an end, but as a means to greater growth and investment in, and the restoration of voluntary private lending to, participating countries for environmentally and economically sustainable development.
(b) Policy based lending for debt reduction and sustainable growth
(c) Voluntary market-based program for debt reduction and sustainable growth
(d) Reports
Not later than March 1, 1989, March 1, 1991, and March 1, 1993, respectively, the Secretary of the Treasury shall submit to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Foreign Relations of the Senate 3 reports each of which—
(1) describes the long term strategy and lending programs of the International Bank for Reconstruction and Development for reducing and managing the debt burden of the countries designated as “Highly Indebted Countries” in the 1987–1988 World Debt Tables published by such bank, and summarize the long term strategy and lending programs of such bank for other seriously indebted countries;
(2) contains an explanation of the measures taken by such bank to facilitate the reduction of the debt burden of the countries designated as “Highly Indebted Countries” in the 1987–1988 World Debt tables 1
1 So in original. Probably should be capitalized.
published by such bank;
(3) describes the extent (if any) to which such bank has implemented the measures described in subsections (b) and (c); and
(4) describes the success each of such countries has had in managing and reducing their debt burdens and achieving sustainable and equitable economic growth as measured by criteria including the ratio of debt service to exports, the ratio of debt to gross national product, net resource flows, and per capita income.
(e) Review by House Banking Committee
(Pub. L. 100–461, title V, § 555, Oct. 1, 1988, 102 Stat. 2268–36; Pub. L. 111–203, title IX, § 939(f), July 21, 2010, 124 Stat. 1886.)

CITE AS: 22 USC 286hh

§ 286ii. Limitations on Bank policy based lending; actions required to be taken to oppose excessive policy based lending by BankThe Secretary of the Treasury shall—
(1) take all necessary steps to encourage the International Bank for Reconstruction and Development to limit—
(A) the aggregate value of the policy based loans made by such bank (other than for the purpose described in section 286hh(b) of this title) in any fiscal year of such bank beginning after June 30, 1989, to 25 percent of the aggregate value of all loans made by such bank in such fiscal year; and
(B) the aggregate value of the policy based loans made by such bank to the government of a particular country (other than for the purpose described in section 286hh(b) of this title) in any fiscal year of such bank beginning after June 30, 1989, and occurring during any period of 3 consecutive fiscal years of such bank (determined after disregarding any such fiscal year in which such bank did not make a policy based loan to such government), to 50 percent of the aggregate value of all loans made by such bank to such government during such 3-year period;
(2) instruct the United States Executive Director of such bank to propose and actively seek the adoption by the board of Executive Directors of such bank of a resolution establishing 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 paragraph (2) is adopted, undertake, in consultation 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.)

CITE AS: 22 USC 286ii

§ 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 Development to initiate discussions with other directors 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.)

CITE AS: 22 USC 286jj

§ 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 prescriptions; and
(2) the establishment of procedures which ensure the inclusion, in future economic reform programs approved by the Fund, of policy options which eliminate or reduce the potential 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.)

CITE AS: 22 USC 286kk

§ 286ll. Fund policy changes
(a) Policy changes within IMFThe 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
(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 reportEach 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) 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).
(c) StudyThe 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, § 59, as added Pub. L. 102–511, title X, § 1002, Oct. 24, 1992, 106 Stat. 3357.)

CITE AS: 22 USC 286ll

§ 286mm. Measures to reduce military spending by developing nations
(a) Development by Fund of means to measure military spending
(1) Position of the United States
(2) Progress report to the Congress
(b) Annual reports by Fund on levels of military spending
(c) Analysis and assessment of military spending to be included in article IV consultations by Fund
(July 31, 1945, ch. 339, § 60, as added Pub. L. 102–511, title X, § 1003, Oct. 24, 1992, 106 Stat. 3359.)

CITE AS: 22 USC 286mm

§ 286nn. Approval of contributions for debt reductions for the poorest countriesFor the purpose of mobilizing the resources of the Fund in order to help reduce poverty and improve the lives of residents of poor countries and, in particular, to allow those poor countries with unsustainable debt burdens to receive deeper, broader, and faster debt relief, without allowing gold to reach the open market or otherwise adversely affecting the market price of gold, the Secretary of the Treasury is authorized to instruct the United States Executive Director of the Fund to vote—
(1) to approve an arrangement whereby the Fund—
(A) sells a quantity of its gold at prevailing market prices to a member or members in nonpublic transactions sufficient to generate 2.226 billion Special Drawing Rights in profits on such sales;
(B) immediately after, and in conjunction with each such sale, accepts payment by such member or members of such gold to satisfy existing repurchase obligations of such member or members so that the Fund retains ownership of the gold at the conclusion of such payment; and
(C) uses the earnings on the investment of the profits of such sales through a separate subaccount, only for the purpose of providing debt relief from the Fund under the modified Heavily Indebted Poor Countries (HIPC) Initiative (as defined in section 262p–6 of this title); and
(2) to support a decision that shall terminate the Special Contingency Account 2 (SCA–2) of the Fund so that the funds in the SCA–2 shall be made available to the poorest countries. Any funds attributable to the United States participation in SCA–2 shall be used only for debt relief from the Fund under the modified HIPC Initiative.
(July 31, 1945, ch. 339, § 62, as added Pub. L. 106–113, div. B, § 1000(a)(5) [title V, § 503(a)], Nov. 29, 1999, 113 Stat. 1536, 1501A–316; amended Pub. L. 106–429, § 101(a) [title VIII, § 801(a)], Nov. 6, 2000, 114 Stat. 1900, 1900A–64.)

CITE AS: 22 USC 286nn

§ 286oo. Principles for International Monetary Fund lending
It is the policy of the United States to work to implement reforms in the International Monetary Fund (IMF) to achieve the following goals:
(1) Short-term balance of payments financing
(2) Limitations on medium-term financing
Use of medium-term lending from the general resources of the Fund should be limited to a set of well-defined circumstances, such as—
(A) when a member’s balance of payments problems will be protracted;
(B) such member has a strong structural reform program in place; and
(C) the member has little or no access to private sources of capital.
(3) Premium pricing
(4) Redressing misreporting of information
The Fund should have in place and apply systematically a strong framework of safeguards and measures to respond to, correct, and discourage cases of misreporting of information in the context of a Fund program, including—
(A) suspending Fund disbursements and ensuring that Fund lending is not resumed to members that engage in serious misreporting of material information until such time as remedial actions and sanctions, as appropriate, have been applied;
(B) ensuring that members make early repayments, where appropriate, of Fund resources disbursed on the basis of misreported information;
(C) making public cases of serious misreporting of material information;
(D) requiring all members receiving new disbursements from the Fund to undertake annually independent audits of central bank financial statements and publish the resulting audits; and
(E) requiring all members seeking new loans from the Fund to provide to the Fund detailed information regarding their internal control procedures, financial reporting and audit mechanisms and, in cases where there are questions about the adequacy of these systems, undertaking an on-site review and identifying needed remedies.
(July 31, 1945, ch. 339, § 63, as added Pub. L. 106–429, § 101(a) [title VIII, § 805], Nov. 6, 2000, 114 Stat. 1900, 1900A–67.)

CITE AS: 22 USC 286oo

§ 286pp. Acceptance of amendments to Articles of Agreement of Fund approved on April 28 and May 5, 2008

The United States Governor of the Fund may agree to and accept the amendments to the Articles of Agreement of the Fund as proposed in the resolutions numbered 63–2 and 63–3 of the Board of Governors of the Fund which were approved by such Board on April 28, 2008 and May 5, 2008, respectively.

(July 31, 1945, ch. 339, § 64, as added Pub. L. 111–32, title XIV, § 1402, June 24, 2009, 123 Stat. 1917.)

CITE AS: 22 USC 286pp

§ 286qq. Quota increase to 4,973,100,000 Special Drawing Rights
(a) In general
(b) Subject to appropriations
(July 31, 1945, ch. 339, § 65, as added Pub. L. 111–32, title XIV, § 1402, June 24, 2009, 123 Stat. 1918.)

CITE AS: 22 USC 286qq

§ 286rr. Approval to sell a limited amount of the Fund’s gold
(a) The Secretary of the Treasury is authorized to instruct the United States Executive Director of the Fund to vote to approve the sale of up to 12,965,649 ounces of the Fund’s gold acquired since the second Amendment to the Fund’s Articles of Agreement, only if such sales are consistent with the guidelines agreed to by the Executive Board of the Fund described in the Report of the Managing Director to the International Monetary and Financial Committee on a New Income and Expenditure Framework for the International Monetary Fund (April 9, 2008) to prevent disruption to the world gold market: Provided, That at least 30 days prior to any such vote, the Secretary shall consult with the appropriate congressional committees regarding the use of proceeds from the sale of such gold: Provided further, That the Secretary of the Treasury shall seek to ensure that:
(1) the Fund will provide support to low-income countries that are eligible for the Poverty Reduction and Growth Facility or other low-income lending from the Fund by making available Fund resources of not less than $4,000,000,000;
(2) such Fund resources referenced above will be used to leverage additional support by a significant multiple to provide loans with substantial concessionality and debt service payment relief and/or grants, as appropriate to a country’s circumstances: 1
1 So in original. The colon probably should be a semicolon.
(3) support provided through forgiveness of interest on concessional loans will be provided for not less than two years; and
(4) the support provided to low-income countries occurs within six years, a substantial amount of which shall occur within the initial two years.
(b) In addition to agreeing to and accepting the amendments referred to in section 286pp of this title relating to the use of proceeds from the sale of such gold, the United States Governor is authorized, consistent with subsection (a), to take such actions as may be necessary, including those referred to in section 286c(e) of this title, to also use such proceeds for the purpose of assisting low-income countries.
(July 31, 1945, ch. 339, § 66, as added Pub. L. 111–32, title XIV, § 1402, June 24, 2009, 123 Stat. 1918.)

CITE AS: 22 USC 286rr

§ 286ss. Acceptance of amendment to Articles of Agreement of Fund approved on October 22, 1997

The United States Governor of the Fund may agree to and accept the amendment to the Articles of Agreement of the Fund as proposed in the resolution numbered 52–4 of the Board of Governors of the Fund which was approved by such Board on October 22, 1997: Provided, That not more than one year after the acceptance of such amendments to the Fund’s Articles of Agreement, the Secretary of the Treasury shall submit a report to the appropriate congressional committees analyzing Special Drawing Rights, to include a discussion of how those countries that significantly use or acquire Special Drawing Rights in accordance with Article XIX, Section 2(c), use or acquire them; the extent to which countries experiencing balance of payment difficulties exchange or use their Special Drawing Rights to acquire reserve currencies; and the manner in which those reserve currencies are acquired when utilizing Special Drawing Rights.

(July 31, 1945, ch. 339, § 67, as added Pub. L. 111–32, title XIV, § 1402, June 24, 2009, 123 Stat. 1918; amended Pub. L. 111–117, div. F, title VII, § 7034(q)(1)(A), Dec. 16, 2009, 123 Stat. 3363.)

CITE AS: 22 USC 286ss

§ 286tt. Restrictions on use of United States funds for foreign governments; protection of American taxpayers
(a) In generalThe Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund—
(1) to evaluate, prior to consideration by the Board of Executive Directors of the Fund, any proposal submitted to the Board for the Fund to make a loan to a country if—
(A) the amount of the public debt of the country exceeds the gross domestic product of the country as of the most recent year for which such information is available; and
(B) the country is not eligible for assistance from the International Development Association.
(2)Opposition to loans unlikely to be repaid in full.—If any such evaluation indicates that the proposed loan is not likely to be repaid in full, the Secretary of the Treasury shall instruct the United States Executive Director at the Fund to use the voice and vote of the United States to oppose the proposal.
(b) Reports to CongressWithin 30 days after the Board of Executive Directors of the Fund approves a proposal described in subsection (a), and annually thereafter by June 30, for the duration of any program approved under such proposals, the Secretary of the Treasury shall report in writing to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate assessing the likelihood that loans made pursuant to such proposals will be repaid in full, including—
(1) the borrowing country’s current debt status, including, to the extent possible, its maturity structure, whether it has fixed or floating rates, whether it is indexed, and by whom it is held;
(2) the borrowing country’s external and internal vulnerabilities that could potentially affect its ability to repay; and
(3) the borrowing country’s debt management strategy.
(July 31, 1945, ch. 339, § 68, as added Pub. L. 111–203, title XV, § 1501, July 21, 2010, 124 Stat. 2212.)

CITE AS: 22 USC 286tt

§ 286uu. Acceptance of an amendment to the Articles of Agreement of the Bank to increase basic votes

The United States Governor of the Bank may accept on behalf of the United States the amendment to the Articles of Agreement of the Bank as proposed in resolution No. 596, entitled “Enhancing Voice and Participation of Developing and Transition Countries,” of the Board of Governors of the Bank that was approved by such Board on January 30, 2009.

(July 31, 1945, ch. 339, § 69, as added Pub. L. 112–74, div. I, title VII, § 7081(a), Dec. 23, 2011, 125 Stat. 1258.)

CITE AS: 22 USC 286uu

§ 286vv. Capital stock increases
(a) Increases authorizedThe United States Governor of the Bank is authorized—
(1)
(A) to vote in favor of a resolution to increase the capital stock of the Bank on a selective basis by 230,374 shares; and
(B) to subscribe on behalf of the United States to 38,459 additional shares of the capital stock of the Bank, as part of the selective increase in the capital stock of the Bank, except that any subscription to such additional shares shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts;
(2)
(A) to vote in favor of a resolution to increase the capital stock of the Bank on a general basis by 484,102 shares; and
(B) to subscribe on behalf of the United States to 81,074 additional shares of the capital stock of the Bank, as part of the general increase in the capital stock of the Bank, except that any subscription to such additional shares shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.
(b) Limitations on authorization of appropriations
(1) In order to pay for the increase in the United States subscription to the Bank under subsection (a)(2)(B), there are authorized to be appropriated, without fiscal year limitation, $9,780,361,991 for payment by the Secretary of the Treasury.
(2) Of the amount authorized to be appropriated under paragraph (2)(A)— 1
1 So in original. Probably should be “paragraph (1)—”.
(A) $586,821,720 shall be for paid in shares of the Bank; and
(B) $9,193,540,271 shall be for callable shares of the Bank.
(3) In order to pay for the increase in the United States subscription to the Bank under subsection (a)(1)(B), there are authorized to be appropriated, without fiscal year limitation, $4,639,501,466 for payment by the Secretary of the Treasury.
(4) Of the amount authorized to be appropriated under paragraph (3), $278,370,088 shall be for paid in shares of the Bank, and $4,361,131,378 shall be for callable shares of the Bank.
(July 31, 1945, ch. 339, § 70, as added Pub. L. 112–74, div. I, title VII, § 7081(a), Dec. 23, 2011, 125 Stat. 1259; amended Pub. L. 113–6, div. F, title VII, § 1704(d), Mar. 26, 2013, 127 Stat. 429.)

CITE AS: 22 USC 286vv

§ 286ww. Acceptance of amendments to Articles of Agreement of Fund

The United States Governor of the Fund may accept the amendments to the Articles of Agreement of the Fund as proposed in resolution 66–2 of the Board of Governors of the Fund.

(July 31, 1945, ch. 339, § 71, as added Pub. L. 114–113, div. K, title IX, § 9002, Dec. 18, 2015, 129 Stat. 2830.)

CITE AS: 22 USC 286ww

§ 286xx. Quota increase
(a) In general
(b) Subject to appropriations
(July 31, 1945, ch. 339, § 72, as added Pub. L. 114–113, div. K, title IX, § 9002, Dec. 18, 2015, 129 Stat. 2830.)

CITE AS: 22 USC 286xx

§ 286yy. Opposition to assistance for any government that fails to implement sanctions on North Korea
(a) In general
(b) WaiverThe President may waive subsection (a) for up to 180 days at a time with respect to a foreign government if the President—
(1) determines that—
(A) the failure of the foreign government described in subsection (a) is due exclusively to a lack of capacity on the part of the foreign government;
(B) the foreign government is taking effective steps to prevent recurrence of such failure; or
(C) the waiver is in the national security interests of the United States; and
(2) submits to Congress a report on the reasons for the determination under paragraph (1).
(July 31, 1945, ch. 339, § 73, as added Pub. L. 116–92, div. F, title LXXI, § 7124(a), Dec. 20, 2019, 133 Stat. 2248.)

CITE AS: 22 USC 286yy

§ 286zz. Capital stock increases
(a) Increases authorized
The United States Governor of the Bank is authorized—
(1)
(A) to vote in favor of a resolution to increase the capital stock of the Bank on a selective basis by 245,773 shares; and
(B) to subscribe on behalf of the United States to 42,298 additional shares of the capital stock of the Bank, as part of the selective increase in the capital stock of the Bank, except that any subscription to such additional shares shall be effective only to the extent or in such amounts as are provided in advance in appropriations Acts; and
(2)
(A) to vote in favor of a resolution to increase the capital stock of the Bank on a general basis by 230,500 shares; and
(B) to subscribe on behalf of the United States to 38,662 additional shares of the capital stock of the Bank, as part of the general increase in the capital stock of the Bank, except that any subscription to such additional shares shall be effective only to the extent or in such amounts as are provided in advance in appropriations Acts.
(b) Limitations on authorization of appropriations
(1) In order to pay for the increase in the United States subscription to the Bank under subsection (a)(2)(B), there are authorized to be appropriated, without fiscal year limitation, $4,663,990,370 for payment by the Secretary of the Treasury.
(2) Of the amount authorized to be appropriated under paragraph (1), $932,798,074 shall be for paid in shares of the Bank, and $3,731,192,296 shall be for callable shares of the Bank.
(3) In order to pay for the increase in the United States subscription to the Bank under subsection (a)(1)(B), there are authorized to be appropriated, without fiscal year limitation $5,102,619,230 for payment by the Secretary of the Treasury.
(4) Of the amount authorized to be appropriated under paragraph (3), $306,157,153.80 shall be for paid in shares of the Bank, and $4,796,462,076.20 shall be for callable shares of the Bank.
(July 31, 1945, ch. 339, § 73, as added Pub. L. 116–94, div. P, title XIX, § 1901, Dec. 20, 2019, 133 Stat. 3222.)

CITE AS: 22 USC 286zz

§ 286aaa. Congressional notification with respect to exceptional access lending
(a) In general
(b) Waiver
(July 31, 1945, ch. 339, § 74, as added Pub. L. 118–47, div. F, title VII, § 7071(d), Mar. 23, 2024, 138 Stat. 852.)

CITE AS: 22 USC 286aaa