§262p–4b — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

The Treasury Secretary must tell the U.S. Executive Director at the International Bank for Reconstruction and Development to push for technical help that turns government-owned companies in borrowing countries into private, self-sustaining businesses. That help can use the skills of the International Finance Corporation or the Multilateral Investment Guarantee Agency when useful. It may include valuing company assets, reviewing sale offers, and creating or improving market systems to make a private sale possible. Congress also said U.S. policy should promote private-sector growth in those banks. The U.S. Executive Director must send three reports to Congress on progress, on how the new private companies are doing, and on what development finance companies are contributing. The first report is due within 1 year after October 1, 1988, and the next two are due 12 months and 24 months after that first report.

Title 22, §262p–4b

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)The Congress finds that a principal focus of United States Government policy in the multilateral development banks has been and should be to foster greater development of the private sector in member borrowing countries of such banks.

(b)In order to assist and strengthen the advancement of ongoing efforts to have the International Bank for Reconstruction and Development play a key role in building a viable private sector in member borrowing countries of such bank, and to further assist such bank in its determination to facilitate the transfer of government-owned enterprises in such countries to private ownership, the Secretary of the Treasury shall instruct the United States Executive Director of such bank to vigorously encourage the provision of technical assistance to such countries (relying, where appropriate, on the expertise of the International Finance Corporation or the Multilateral Investment Guarantee Agency) to transform enterprises owned, in whole or part, by the governments of such countries into privately owned, self-sufficient enterprises. Such technical assistance may involve the valuation of the assets of such government-owned enterprises, the assessment of tender offers, and the creation or strengthening of market-based mechanisms to facilitate such a transfer of ownership.

(c)(1)The United States Executive Director of the International Bank for Reconstruction and Development shall submit 3 reports to the Congress on—

(A)the progress made in transforming government-owned enterprises into privately owned enterprises as described in subsection (b);

(B)the performance of the privately owned enterprises resulting from such transformation; and

(C)the contributions of development finance companies toward strengthening the private sector in member borrowing countries.

(2)The United States Executive Director of the International Bank for Reconstruction and Development shall submit to the Congress the first report required by paragraph (1) within 1 year after October 1, 1988, and shall submit additional reports 12 months, and 24 months, after the date the first report is submitted.

Notes & Related Subsidiaries

Editorial Notes

Codification section 1607 of Pub. L. 95–118 is based on section 7 of H.R. 4645, One Hundredth Congress, as reported Sept. 28, 1988, and enacted into law by Pub. L. 100–461.

Statutory Notes and Related Subsidiaries

Definitions The definitions in section 262p–5 of this title apply to this section.

§262p–4b Directives regarding government-owned enterprises in countries receiving World Bank loans

Summary

Title 22, §262p–4b

Notes & Related Subsidiaries

Editorial Notes

Statutory Notes and Related Subsidiaries

Citations & Metadata