§286mm Measures to reduce military spending by developing nations

Summary

The U.S. Executive Director at the IMF must press the IMF, working with the World Bank, to keep making a method to measure how much each developing country spends on its military. By October 24, 1993, the Treasury Secretary must report to the House Committee on Banking, Finance and Urban Affairs and to the Senate Committees on Banking, Housing and Urban Affairs and on Foreign Relations about the method’s progress. Starting in 1994, the U.S. Executive Director must push the IMF to give the Executive Board yearly estimates of each developing country’s military spending for the prior calendar year (or for the country’s most recently completed fiscal year if it does not use the calendar year). The U.S. Executive Director must also push the IMF to include that military‑spending analysis in every Article IV consultation (the IMF’s regular country review), beginning no later than the date of the first yearly report.