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U.S. Code as of:
01/19/04
Section 262r-3. Reports on financial stabilization programs led by International Monetary Fund in connection with financing from Exchange Stabilization Fund
(a) In general
The Secretary of the Treasury, in consultation with the Secretary
of Commerce and other appropriate Federal agencies, shall prepare
reports on the implementation of financial stabilization programs
(and any material terms and conditions thereof) led by the
International Monetary Fund in countries in connection with which
the United States has made a commitment to provide, or has provided
financing from the stabilization fund established under section
5302 of title 31. The reports shall include the following:
(1) A description of the condition of the economies of
countries requiring the financial stabilization programs,
including the monetary, fiscal, and exchange rate policies of the
countries.
(2) A description of the degree to which the countries
requiring the financial stabilization programs have fully
implemented financial sector restructuring and reform measures
required by the International Monetary Fund, including -
(A) ensuring full respect for the commercial orientation of
commercial bank lending;
(B) ensuring that governments will not intervene in bank
management and lending decisions (except in regard to
prudential supervision);
(C) the enactment and implementation of appropriate financial
reform legislation;
(D) strengthening the domestic financial system and improving
transparency and supervision; and
(E) the opening of domestic capital markets.
(3) A description of the degree to which the countries
requiring the financial stabilization programs have fully
implemented reforms required by the International Monetary Fund
that are directed at corporate governance and corporate
structure, including -
(A) making nontransparent conglomerate practices more
transparent through the application of internationally accepted
accounting practices, independent external audits, full
disclosure, and provision of consolidated statements; and
(B) ensuring that no government subsidized support or tax
privileges will be provided to bail out individual
corporations, particularly in the semiconductor, steel, and
paper industries.
(4) A description of the implementation of reform measures
required by the International Monetary Fund to deregulate and
privatize economic activity by ending domestic monopolies,
undertaking trade liberalization, and opening up restricted areas
of the economy to foreign investment and competition.
(5) A detailed description of the trade policies of the
countries, including any unfair trade practices or adverse
effects of the trade policies on the United States.
(6) A description of the extent to which the financial
stabilization programs have resulted in appropriate
burden-sharing among private sector creditors, including
rescheduling of outstanding loans by lengthening maturities,
agreements on debt reduction, and the extension of new credit.
(7) A description of the extent to which the economic
adjustment policies of the International Monetary Fund and the
policies of the government of the country adequately balance the
need for financial stabilization, economic growth, environmental
protection, social stability, and equity for all elements of the
society.
(8) Whether International Monetary Fund involvement in labor
market flexibility measures has had a negative effect on core
worker rights, particularly the rights of free association and
collective bargaining.
(9) A description of any pattern of abuses of core worker
rights in recipient countries.
(10) The amount, rate of interest, and disbursement and
repayment schedules of any funds disbursed from the stabilization
fund established under section 5302 of title 31, in the form of
loans, credits, guarantees, or swaps, in support of the financial
stabilization programs.
(11) The amount, rate of interest, and disbursement and
repayment schedules of any funds disbursed by the International
Monetary Fund to the countries in support of the financial
stabilization programs.
(b) Timing
Not later than March 15, 1999, and semiannually thereafter, the
Secretary of the Treasury shall submit to the Committees on Banking
and Financial Services, Ways and Means, and International Relations
of the House of Representatives and the Committees on Finance,
Foreign Relations, and Banking, Housing, and Urban Affairs of the
Senate a report on the matters described in subsection (a) of this
section.
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